<SEC-DOCUMENT>0000919574-13-002451.txt : 20130320
<SEC-HEADER>0000919574-13-002451.hdr.sgml : 20130320
<ACCEPTANCE-DATETIME>20130319195330
ACCESSION NUMBER:		0000919574-13-002451
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130320
DATE AS OF CHANGE:		20130319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Star Bulk Carriers Corp.
		CENTRAL INDEX KEY:			0001386716
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33869
		FILM NUMBER:		13703214

	BUSINESS ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
		BUSINESS PHONE:		011-30-210-617-8400

	MAIL ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[_]</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Date of event requiring this shell company report</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<td valign="top" width="32%">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[<font style="DISPLAY: inline; FONT-WEIGHT: bold">X</font>] Yes</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[_] No</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.</font></div>

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<td valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Large accelerated filer [&#160;&#160;]</font></div>
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<td valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accelerated filer&#160;&#160;[<font style="DISPLAY: inline; FONT-WEIGHT: bold"> X </font>]</font></div>
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<td valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Non-accelerated filer&#160;&#160;[ ]</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="left" valign="top" width="22%">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;[<font style="DISPLAY: inline; FONT-WEIGHT: bold">X</font>] U.S. GAAP</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="top" width="30%">
<div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[_]&#160;&#160;&#160;International Financial Reporting Standards as issued by the International Accounting Standards Board</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="top" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[_] Other</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">[_] Item 17 or [_] Item 18.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></div>

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<td align="left" valign="top" width="7%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="top" width="31%">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[&#160;&#160;] Yes</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">[<font style="DISPLAY: inline; FONT-WEIGHT: bold">X</font>] No</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FORWARD-LOOKING STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Carriers Corp. and its wholly owned subsidiaries, or 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. This document and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include; (i) the strength of world economies; (ii) fluctuations in currencies and interest rates; (iii) general market conditions, including fluctuations in charterhire rates and vessel values; (iv) changes in demand in the drybulk shipping industry, including the market for our vessels; (v) changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs; (vi) changes in governmental rules and regulations or actions taken by regulatory authorities; (vii) potential liability from pending or future litigation; (viii) general domestic and international political conditions; (ix) potential disruption of shipping routes due to accidents or political events; (x) the availability of financing and refinancing; (xi) vessel breakdowns and instances of off-hire; and (xii) other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, or the Commission. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof.</font></div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(i)</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td colspan="2" valign="top" width="77%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt"><a name="mptableofcontents"><!--efplaceholder--></a>TABLE OF CONTENTS</font></div>
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<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Page</font></div>
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<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART I</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 1. Identity of Directors, Senior Management and Advisers</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1</font></div>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 2. Offer Statistics and Expected Timetable</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1</font></div>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 3. Key Information</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1</font></div>
</td>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 4. Information on the Company</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">26</font></div>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 4A.&#160;&#160;Unresolved Staff Comments</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">43</font></div>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 5. Operating and Financial Review and Prospects</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">43</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 6. Directors, Senior Management and Employees</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">66</font></div>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 7. Major Shareholders and Related Party Transactions</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">72</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 8. Financial Information</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">75</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 9. The Offer and Listing</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">77</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 10. Additional Information</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">77</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 11. Quantitative and Qualitative Disclosures about Market Risk</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">88</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 12.&#160;&#160;Description of Securities Other than Equity Securities</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">90</font></div>
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<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART II</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 13.&#160;&#160;Defaults, Dividend Arrearages and Delinquencies</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">90</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 14.&#160;&#160;Material Modifications to the Rights of Security Holders and Use of Proceeds</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">90</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 15.&#160;&#160;Controls and Procedures</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">90</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16A.&#160;&#160;&#160;Audit Committee Financial Expert</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">91</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16B.&#160;&#160;Code of Ethics</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">91</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16C.&#160;&#160;Principal Accountant Fees and Services</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">92</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16D.&#160;&#160;Exemptions from the Listing Standards for Audit Committees</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">92</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16E.&#160;&#160;Purchases of Equity Securities by the Issuer and Affiliated Purchasers</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">92</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16F.&#160;&#160;Change in Registrants Certifying Accountant</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">93</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16G.&#160;&#160;Corporate Governance</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">93</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 16.H&#160;&#160;Mine Safety Disclosure</font></div>
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<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART III</font></div>
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<td valign="top" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 17.&#160;&#160;Financial Statements</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">93</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 18.&#160;&#160;Financial Statements</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">94</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Item 19. Exhibits</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">94</font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(ii)</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Identity of Directors, Senior Management and Advisers</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Offer Statistics and Expected Timetable</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 3.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Key Information</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Throughout this report, the "Company," "Star Bulk," "we," "us" and "our" all refer to Star Bulk Carriers Corp. and its wholly owned subsidiaries. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. We own, operate and provide vessel management services to drybulk vessels of two sizes: Capesize, which are vessels with carrying capacities of more than 85,000 dwt, and Supramax, which are vessels with carrying capacities of between 45,000 and 60,000 dwt. Unless otherwise indicated, all references to "Dollars" and "$" in this report are to U.S. Dollars.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Selected Consolidated Financial Data</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The table below summarizes our recent financial information.&#160;&#160;We refer you to the notes to our consolidated financial statements for a discussion of the basis on which our consolidated financial statements are presented. The information provided below should be read in conjunction with "Item 5. Operating and Financial Review and Prospects" and the consolidated financial statements, related notes and other financial information included herein.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Following the 15-for-1 reverse stock split effected on October 15, 2012, pursuant to which every fifteen common shares issued and outstanding were converted into one common share, all share and per share amounts disclosed throughout this Annual Report, in the table below and in our consolidated financial statements included at the end of this Annual Report have been retroactively updated to reflect this change in capital structure. Please see "Item 4.A History and Development of the Company."</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The historical results included below and elsewhere in this document are not necessarily indicative of the future performance of Star Bulk.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(In thousands of U.S. Dollars, </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">except&#160;&#160;per share and share data)</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2008</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
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</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">238,883</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">142,351</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">121,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">106,912</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">85,684</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fee income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">153</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">478</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">238,883</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">142,351</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">121,042</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">107,065</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">86,162</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,504</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,374</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">16,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">22,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19,598</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessel operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">26,198</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">30,168</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">22,349</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">25,247</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">27,832</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Drydocking expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7,881</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,122</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,576</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,096</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,663</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">51,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">58,298</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">46,937</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">50,224</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">33,045</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">771</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">164</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(Gain)/loss on derivative instruments, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(251</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,154</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,083</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(41</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,424</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,742</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,404</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,455</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,320</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bad debt expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,139</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessel impairment loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,646</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">75,208</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">34,947</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">62,020</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">303,219</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Gain on time charter agreement termination</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(9,711</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(16,219</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(2,010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(6,454</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on time charter agreement termination</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11,040</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other operational loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other operational gain</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(26,648</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(9,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(3,507</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on sale of vessel</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,190</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">96,108</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">191,658</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">120,782</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">171,834</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">393,091</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Operating (loss)/ income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">142,775</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(49,307</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">260</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(64,769</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(306,929</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Interest and Finance costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(10,238</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(9,914</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,916</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,227</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(7,838</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Interest and other income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,201</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">806</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">744</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on debt extinguishment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(307</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total other expenses, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(9,037</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(9,108</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,391</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(4,790</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(7,592</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Income/ (loss) before taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">133,738</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(58,415</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(69,559</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(314,521</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Net Income/(loss)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">133,738</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(58,415</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(69,559</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(314,521</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Earnings/(loss) per share, basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">38.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(14.39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1.25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(14.69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(58.32</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Earnings/(loss) per share, diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36.84</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(14.39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1.25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(14.69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(58.32</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Weighted average number of shares outstanding, basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,498,530</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,058,228</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,099,277</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,736,485</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,393,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Weighted average number of shares outstanding, diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,629,866</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,058,228</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,099,277</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,736,485</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,393,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3.A. (ii)&#160;&#160;&#160;CONSOLIDATED BALANCE SHEET AND OTHER FINANCIAL DATA</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(In thousands of U.S. Dollars,</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">&#160;</td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">&#160;</td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">except per share data)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended December 31,</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2008</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2009</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">29,475</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">40,142</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,824</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,072</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,950</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">891,376</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">760,641</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">703,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">717,928</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">354,706</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Current liabilities, including current portion of long term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">57,287</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">71,092</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">43,235</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,154</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">42,450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total long term debt, excluding current portion</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">247,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">187,575</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">171,044</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">231,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">195,348</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">42</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Stockholders' equity</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">560,140</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">499,257</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">488,252</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">434,213</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">116,746</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total liabilities and stockholders&#8217; equity</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">891,376</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">760,641</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">703,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">717,928</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">354,706</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">OTHER FINANCIAL DATA</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Dividends declared and paid ($14.7 $1.50 $3.0 $3.0 and $0.68 per share, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,614</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,185</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,385</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,391</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,631</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Net cash provided by operating activities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">110,747</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">65,877</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">87,949</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">50,604</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">18,999</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Net cash (used in)/ provided by investing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(423,305</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,430</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(60,151</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(122,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">25,488</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Net cash provided by / (used in)&#160;&#160;financing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">323,048</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(53,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(55,116</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">73,981</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(46,609</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FLEET DATA</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Average number of vessels (1)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.76</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11.97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total ownership days for fleet (2)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,933</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,945</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,475</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,192</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total available days for fleet (3)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,712</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,240</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,847</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,377</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,875</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total voyage days for fleet (4)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,618</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,117</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,829</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,708</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Fleet utilization (5)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">98</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">AVERAGE DAILY RESULTS (In U.S. Dollars)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter equivalent (6)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">42,799</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">29,450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">26,859</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19,989</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessel operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,661</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,903</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,665</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,642</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,361</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">348</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">176</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">41</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,159</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,904</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,783</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,795</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Average number of vessels is the number of vessels that comprised our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period.</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(3)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Available days for the fleet are the ownership days after subtracting for off-hire days as a result of major repairs, dry-docking or special or intermediate surveys.</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(4)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Voyage days are the total days the vessels were in our possession for the relevant period after subtracting all off-hire days incurred for any reason (including off-hire for dry-docking, major repairs, special or intermediate surveys or transfer of ownership).</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(5)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Fleet utilization is calculated by dividing voyage days by available days for the relevant period.</font></div>
</td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(6)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Represents the weighted average time charter equivalent, or TCE, of our entire fleet. TCE rate is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE rate is determined by dividing voyage revenues (net of voyage expenses and amortization of fair value of above/below market acquired time charter agreements) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.&#160;&#160;We included under the heading "Average Daily Results" TCE revenues, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with voyage revenues, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE may not be comparable to that reported by other companies. For further information concerning our calculation of TCE rate and of reconciliation of TCE rate to voyage revenue, please see "Item 5. Operating and Financial Review and Prospects &#8211; A. Operating Results."</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">B.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Capitalization and Indebtedness</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reasons for the Offer and Use of Proceeds</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following risks relate principally to the industry in which we operate and our business in general. Other risks relate principally to the securities market and ownership of our common stock. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition operating results or cash available for dividends or the trading price of our common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Because the Public Company Accounting Oversight Board is not currently permitted to inspect our independent accounting firm, you may not benefit from such inspections.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Auditors of U.S. public companies are required by law to undergo periodic Public Company Accounting Oversight Board (PCAOB) inspections that assess their compliance with U.S. law and professional standards in connection with performance of audits of financial statements filed with the Commission. Certain European Union countries, including Greece, do not currently permit the PCAOB to conduct inspections of accounting firms established and operating in such European Union countries, even if they are part of major international firms. Accordingly, unlike for most U.S. public companies, the PCAOB is prevented from evaluating our auditor's performance of audits and its quality control procedures, and, unlike shareholders of most U.S. public companies, we and our shareholders are deprived of the possible benefits of such inspections.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industry Specific Risk Factors</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Charterhire rates for drybulk carriers are volatile and may further decrease in the future, which would adversely affect our earnings and ability to pay dividends.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We currently own and operate a fleet of 14 vessels (including <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma,</font> which we have agreed to sell with expected delivery to its purchaser in April 2013) consisting of six Capesize drybulk carriers and eight Supramax drybulk carriers with a weighted average age of 11.0 years and a combined cargo carrying capacity of approximately 1,475,005 dwt.&#160;&#160;In addition to our owned fleet, we provide commercial and technical management services to one Capesize drybulk carrier and two Supramax drybulk carriers for a fixed daily management fee. The drybulk shipping industry is cyclical with attendant volatility in charterhire rates and profitability.&#160;&#160;The degree of charterhire rate volatility among different types of drybulk carriers varies widely, however, the abrupt and dramatic downturn in the drybulk charter market has severely affected the entire drybulk shipping industry.&#160;&#160;The Baltic Dry Index, or the BDI, which is published daily by the Baltic Exchange Limited, or the Baltic Exchange, a London-based membership organization that provides daily shipping market information to the global investing community, is an average of selected ship brokers' assessments of time charter rates paid by a customer to hire a drybulk vessel to transport drybulk cargoes by sea. The BDI has long been viewed as the main benchmark to monitor the movements of the drybulk vessel charter market and the performance of the entire drybulk shipping market.&#160; The BDI declined 94% from a peak of 11,793 in May 2008 to a low of 663 in December 2008 and remained volatile since, reaching a low of 772 and a high of 4,661 during 2009, a low of 1,700 and a high of 4,209 during 2010, and has continued to decline, reaching a low of 1,043 in 2011. During 2012, the BDI increased to a high of 1,165 as of May 8, 2012 and was at&#160;899 as of March 18, 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This downturn in drybulk charter rates and their volatility, which has resulted from the economic dislocation worldwide and the disruption of the credit markets, has had a number of adverse consequences for drybulk shipping, including, among other things:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">widespread loan covenant defaults in the drybulk shipping industry; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">declaration of bankruptcy by some operators and ship owners as well as charterers.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The occurrence of one or more of these events could adversely affect our business, results of operations, cash flows, financial condition and ability to pay dividends.&#160;&#160;There can be no assurance that the drybulk charter market will recover over the next several months and the market could continue to decline further.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If the drybulk shipping market remains depressed in the future, our earnings and available cash flow may decrease.&#160;&#160;Our ability to re-charter our vessels on the expiration or termination of their current time charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, economic conditions in the drybulk shipping market.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">An over-supply of drybulk carrier capacity may prolong or further depress the current low charter rates and, in turn, adversely affect our profitability.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Fluctuations in charter rates and vessel values result from changes in the supply and demand for drybulk cargoes carried internationally at sea, including coal, iron ore, grains and minerals.&#160;&#160;The market supply of drybulk carriers has been increasing, as the number of drybulk carriers on order was recently at near historic highs.&#160;&#160;These newbuildings were delivered in significant numbers starting at the beginning of 2006 and continued to be delivered in significant numbers through 2012. While vessel supply will continue to be affected by the delivery of new vessels and the removal of vessels from the global fleet, either through scrapping or accidental losses, an over-supply of drybulk carrier capacity, particularly in conjunction with slowdown in demand for vessel capacity, could exacerbate the recent decrease in charter rates or prolong the period during which low charter rates prevail. If the current low charter rate environment persists, or a further reduction occurs, during a period when the current charters for our drybulk carriers expire or are terminated, we may only be able to recharter those vessels at reduced rates or we may not be able to charter our vessels at all. The charters for eleven of our vessels expire in 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The factors affecting the supply and demand for vessel capacity are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The factors that influence demand for vessel capacity include:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">global and regional economic and political conditions, including armed conflicts, terrorist activities, and strikes;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the distance drybulk cargo is to be moved by sea;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">natural disasters and other disruptions in international trade;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">environmental and other regulatory developments;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">currency exchange rates; and</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">weather.</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The factors that influence the supply of vessel capacity include:</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the number of new building deliveries;</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">port and canal congestion;</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the scrapping of older vessels;</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel casualties;</font></div>
</td>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the number of vessels that are out of service;</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">changes in environmental and other regulations that may limit the useful life of vessels; and</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">changes in the production of drybulk products.</font></div>
</td>
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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition to the prevailing and anticipated freight rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance and insurance coverage, the efficiency and age profile of the existing fleet in the market and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations. These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We anticipate that the future demand for our drybulk carriers will be dependent upon continued economic growth in the world's economies, including China and India, seasonal and regional changes in demand, changes in the capacity of the global drybulk carrier fleet and the sources and supply of drybulk cargo to be transported by sea. The capacity of the global drybulk carrier fleet seems likely to increase and economic growth may not continue. Adverse economic, political, social or other developments could also have a material adverse effect on our business and operating results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Many of our vessels will soon be exposed to the volatilities of the drybulk charter markets.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Drybulk charter markets have experienced significant continued weakness in 2012. We currently have six vessels, which we consider to be employed in the spot market due to the short duration of their current charter agreements, seven of our vessels on medium to long term time charters scheduled to expire in July 2013, October 2013, August 2014, November 2015 and July 2021 and one of our vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma,</font> which we have agreed to sell with expected delivery to its purchaser in April 2013, is open.&#160;&#160;The time charter market is highly competitive and spot and short-term trip charter market charterhire rates (which affect time charter rates) may fluctuate significantly based upon the supply of, and demand for, seaborne drybulk shipping capacity. Our ability to re-charter our vessels on the expiration or termination of their current time charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, economic conditions in the drybulk shipping market. The drybulk carrier charter market is volatile, and in the past, time charter and spot market charter rates for drybulk carriers have declined below operating costs of vessels. If we are required to charter these vessels at a time when demand and charter rates are very low, we may not be able to secure time charter or spot market employment for our vessels at all or at reduced and potentially unprofitable rates. As a result, our business, financial condition, results of operations and cash flows, as well as our ability to pay dividends, if any, in the future, and compliance with covenants in our credit facilities may be affected.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If economic conditions throughout the world do not improve, it will have an adverse impact on our operations and financial results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Negative trends in the global economy that emerged in 2008 continue to adversely affect global economic conditions. In addition, the world economy continues to face a number of challenges, including the economic weakness in the European Union and the United States. The deterioration in the global economy has caused, and may continue to cause, a decrease in worldwide demand for certain goods, and thus, shipping. We cannot predict how long the current conditions will last. However, recent and developing economic and governmental factors, together with the concurrent decline in charter rates and vessel values, have had a material adverse effect on our results of operations, financial condition and cash flows, have caused the price of our common shares to decline and could cause the price of our common shares to decline further.</font></div>

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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The economies of the United States, the European Union and other parts of the world continue to experience relatively slow growth or remain in recession and exhibit weak economic trends. The credit markets in the United States and Europe have experienced significant contraction, deleveraging and reduced liquidity, and the U.S. federal government and state governments and European authorities continue to implement a broad variety of governmental action and/or new regulation of the financial markets.&#160;&#160;Global financial markets and economic conditions have been, and continue to be, severely disrupted and volatile.&#160;&#160;Since 2008, lending by financial institutions worldwide remains at low levels compared to the period preceding 2008.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The continued economic slowdown in the Asia Pacific region, especially in Japan and China, may exacerbate the effect on us of the recent slowdown in the rest of the world. Before the global economic financial crisis that began in 2008, China had one of the world's fastest growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. The growth rate of China's GDP decreased to approximately 7.8% for the year ended December 31, 2012, as compared to approximately 9.3% for the year ended December 31, 2011, and continues to remain below pre-2008 levels. China has imposed measures to restrain lending, which may further contribute to a slowdown in its economic growth. China and other countries in the Asia Pacific region may continue to experience slowed or even negative economic growth in the future. Moreover, the current economic slowdown in the economies of the United States, the European Union and other Asian countries may further adversely affect economic growth in China and elsewhere. Our financial condition and results of operations, as well as our future prospects, would likely be impeded by a continuing or worsening economic downturn in any of these countries.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The market values of our vessels have declined and may further decline, which could limit the amount of funds that we can borrow or trigger certain financial covenants under our current or future credit facilities and/or we may incur a loss if we sell vessels following a decline in their market value.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The fair market values of our vessels have generally experienced high volatility and have declined significantly. The market prices for secondhand Capesize and Supramax drybulk carriers have decreased sharply from their historically high levels.&#160; The fair market value of our vessels may continue to fluctuate (i.e., increase and decrease) depending on a number of factors including:</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">prevailing level of charter rates;</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">general economic and market conditions affecting the shipping industry;</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">types, sizes and ages of vessels;</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">supply and demand for vessels;</font></div>
</td>
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</div>

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<div>
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">ther modes of transportation;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">cost of newbuildings;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">governmental or other regulations;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">technological advances; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">competition from other shipping companies and other modes of transportation.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, as vessels grow older, they generally decline in value. If the fair market value of our vessels declines further, we may not be in compliance with certain provisions of our term loans and we may not be able to refinance our debt or obtain additional financing. In addition, if we sell one or more of our vessels at a time when vessel prices have fallen, this would result in a loss and a reduction in earnings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Charter rates and vessel values have been negatively affected mainly by the record high deliveries of newly built vessels during the last two years, which resulted in a significant expansion of the drybulk fleet. Drybulk carrier values have also declined both as a result of a slowdown in the availability of global credit and the significant deterioration in charter rates. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels. Charter rates may remain at low levels for some time which will adversely affect our revenue and profitability.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, because the market value of our vessels may fluctuate significantly, we may incur losses when we sell vessels, which may adversely affect our earnings.&#160; If we sell vessels at a time when vessel prices have fallen and before we have recorded an impairment adjustment to our financial statements, the sale may be at less than the vessel's carrying amount in our financial statements, resulting in a loss and a reduction in earnings.&#160; Recently, we have recorded the following impairment charges: <font style="FONT-STYLE: italic; DISPLAY: inline">Star Alpha</font> during the year ended December 31, 2009, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font> during the year ended December 31, 2010, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma </font>and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon</font>, during the year ended December 31, 2011, our entire Supramax fleet and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma </font>during the year ended December 31, 2012. See "Critical Accounting Policies &#8211; Impairment of Long-lived Assets".</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Acts of piracy on ocean-going vessels could adversely affect our business</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Indian Ocean and in the Gulf of Aden off the coast of Somalia. Although the frequency of sea piracy worldwide decreased during 2012 to its lowest level since 2009, sea piracy incidents continue to occur, particularly in the Gulf of Aden off the coast of Somalia and increasingly in the Gulf of Guinea, with drybulk vessels and tankers particularly vulnerable to such attacks. If these piracy attacks result in regions in which our vessels are deployed being characterized by insurers as "war risk" zones by insurers or Joint War Committee "war and strikes" listed areas, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew costs, including costs which may be incurred to the extent we employ onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse impact on our business, results of operations, cash flows, financial condition and ability to pay dividends and may result in loss of revenues, increased costs and decreased cash flows to our customers, which could impair their ability to make payments to us under our charters.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The current state of the global financial markets and current economic conditions may adversely impact our ability to obtain financing on acceptable terms and otherwise negatively impact our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Global financial markets and economic conditions have been, and continue to be, volatile.&#160;&#160;Recently, operating businesses in the global economy have faced tightening credit, weakening demand for goods and services, deteriorating international liquidity conditions, and declining markets. There has been a general decline in the willingness by banks and other financial institutions to extend credit, particularly in the shipping industry, due to the historically volatile asset values of vessels. As the shipping industry is highly dependent on the availability of credit to finance and expand operations, it has been negatively affected by this decline.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Also, as a result of concerns about the stability of financial markets generally and the solvency of counterparties specifically, the cost of obtaining money from the credit markets has increased as many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt and reduced, and in some cases ceased, to provide funding to borrowers. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable terms. If financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If the current global economic environment persists or worsens, we may be negatively affected in the following ways:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">we may not be able to employ our vessels at charter rates as favorable to us as historical rates or operate our vessels profitably; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the market value of our vessels could decrease, which may cause us to recognize losses if any of our vessels are sold.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The occurrence of any of the foregoing could have a material adverse effect on our business, results of operations, cash flows and financial condition.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The instability of the euro or the inability of countries to refinance their debts could have a material adverse effect on our revenue, profitability and financial position.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As a result of the credit crisis in Europe, in particular in Greece, Italy, Ireland, Portugal and Spain, the European Commission created the European Financial Stability Facility, or the EFSF, and the European Financial Stability Mechanism, or the EFSM, to provide funding to Eurozone countries in financial difficulties that seek such support. In March 2011, the European Council agreed on the need for Eurozone countries to establish a permanent stability mechanism, the European Stability Mechanism, or the ESM, which was established on September 27, 2012 to assume the role of the EFSF and the EFSM in providing external financial assistance to Eurozone countries. Despite these measures, concerns persist regarding the debt burden of certain Eurozone countries and their ability to meet future financial obligations and the overall stability of the euro. An extended period of adverse development in the outlook for European countries could reduce the overall demand for drybulk cargoes and for our services. These potential developments, or market perceptions concerning these and related issues, could affect our financial position, results of operations and cash flow.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Charter rates are subject to seasonal fluctuations and market volatility, which may adversely affect our financial condition and ability to pay dividends.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Currently seven of our vessels are chartered on medium to long-term time charters with an average remaining term of approximately 2.04 years, six of our vessels are employed on short-term time charters or voyage charters, and are considered to be employed in the spot market due to the short duration of their current charter agreements, and one vessel<font style="FONT-STYLE: italic; DISPLAY: inline">, Star Sigma,</font> which we have agreed to sell with expected delivery to its purchaser in April 2013, is open. Demand for vessel capacity has historically exhibited seasonal variations and, as a result, fluctuations in charter rates. This seasonality may result in quarter-to-quarter volatility in our operating results for vessels trading in the spot market. The drybulk sector is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere. As a result, our revenues from our drybulk carriers may be weaker during the fiscal quarters ended June 30 and September 30, and, conversely, our revenues from our drybulk carriers may be stronger in fiscal quarters ended December 31 and March 31. Seasonality in the sector in which we operate could materially affect our operating results and cash available for dividends.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Rising fuel prices may adversely affect our profits.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Fuel is a significant, if not the largest, expense in our shipping operations when vessels are not under period time charters. Changes in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by the Organization of the Petroleum Exporting Countries (OPEC) and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. Further, fuel may become much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We are subject to international safety regulations and the failure to comply with these regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our business and the operation of our vessels are materially affected by government regulation in the form of international conventions, national, state and local laws and regulations in force in the jurisdictions in which the vessels operate, as well as in the country or countries of their registration. Because such conventions, laws, and regulations are often revised, we cannot predict the ultimate cost of complying with such conventions, laws and regulations or the impact thereof on the resale prices or useful lives of our vessels. Additional conventions, laws and regulations may be adopted which could limit our ability to do business or increase the cost of our doing business and which may materially adversely affect our operations. We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, certificates, and financial assurances with respect to our operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The operation of our vessels is affected by the requirements set forth in the United Nations' International Maritime Organization's International Management Code for the Safe Operation of Ships and Pollution Prevention, or ISM Code. The ISM Code requires ship owners, ship managers and bareboat charterers to develop and maintain an extensive "Safety Management System" that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. The failure of a ship owner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports. If we are subject to increased liability for noncompliance or if our insurance coverage is adversely impacted as a result of noncompliance, we may have less cash available for distribution to our stockholders as dividends. If any of our vessels are denied access to, or are detained in, certain ports, this may decrease our revenues.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We operate our vessels worldwide and as a result, our vessels are exposed to international risks which may reduce revenue or increase expenses.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The international shipping industry is an inherently risky business involving global operations. Our vessels and their cargoes are at a risk of being damaged or lost because of events such as mechanical failure, collision, human error, war, terrorism, piracy, marine disasters, and bad weather and other acts of God.&#160;&#160;In addition, changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. These sorts of events could interfere with shipping routes and result in market disruptions which may reduce our revenue or increase our expenses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our vessels may call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments, which could adversely affect our reputation and the market for our common shares.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">From time to time on charterers' instructions, our vessels may call on ports located in countries subject to sanctions and embargoes imposed by the United States government and countries identified by the U.S. government as state sponsors of terrorism, such as Cuba, Iran, Sudan and Syria, and since our inception, only one of our vessels made one port call in Iran in 2011. The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. With effect from July 1, 2010, the U.S. enacted the Comprehensive Iran Sanctions Accountability and Divestment Act, or CISADA, which expanded the scope of the Iran Sanctions Act. Among other things, CISADA expands the application of the prohibitions to companies, such as ours, and introduces limits on the ability of companies and persons to do business or trade with Iran when such activities relate to the investment, supply or export of refined petroleum or petroleum products. In addition, on May 1, 2012, President Obama signed Executive Order 13608 which prohibits foreign persons from violating or attempting to violate, or causing a violation of any sanctions in effect against Iran or facilitating any deceptive transactions for or on behalf of any person subject to U.S. sanctions. Any persons found to be in violation of Executive Order 13608 will be deemed a foreign sanctions evader and will be banned from all contacts with the United States, including conducting business in U.S. dollars. Also in 2012, President Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012, or the Iran Threat Reduction Act, which created new sanctions and strengthened existing sanctions. Among other things, the Iran Threat Reduction Act intensifies existing sanctions regarding the provision of goods, services, infrastructure or technology to Iran's petroleum or petrochemical sector. The Iran Threat Reduction Act also includes a provision requiring the President of the United States to impose five or more sanctions from Section 6(a) of the Iran Sanctions Act, as amended, on a person the President determines is a controlling beneficial owner of, or otherwise owns, operates, or controls or insures a vessel that was used to transport crude oil from Iran to another country and (1) if the person is a controlling beneficial owner of the vessel, the person had actual knowledge the vessel was so used or (2) if the person otherwise owns, operates, or controls, or insures the vessel, the person knew or should have known the vessel was so used. Such a person could be subject to a variety of sanctions, including exclusion from U.S. capital markets, exclusion from financial transactions subject to U.S. jurisdiction, and exclusion of that person's vessels from U.S. ports for up to two years.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our common stock may adversely affect the price at which our common stock trades. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments. Investor perception of the value of our common stock may be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in these and surrounding countries.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Continuing conflicts and recent developments in the Middle East, including Egypt, and North Africa, including Libya, and the presence of the United States and other armed forces in Afghanistan, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets. These uncertainties could also adversely affect our ability to obtain financing on terms acceptable to us or at all. In the past, political conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea and the Gulf of Aden off the coast of Somalia. Any of these occurrences, or the perception that our vessels are potential terrorist targets, could have a material adverse impact on our business, financial condition, results of operations and ability to pay dividends.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">International shipping is subject to various security and customs inspection and related procedures in countries of origin and destination. Inspection procedures may result in the seizure of contents of our vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or other penalties against us.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">It is possible that changes to inspection procedures could impose additional financial and legal obligations on us. Changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments may have a material adverse effect on our business, financial condition and results of operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maritime claimants could arrest one or more of our vessels, which could interrupt our cash flow.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel for unsatisfied debts, claims or damages. In many jurisdictions, a claimant may seek to obtain security for its claim by arresting a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels could interrupt our cash flow and require us to pay large sums of money to have the arrest or attachment lifted. In addition, in some jurisdictions, such as South Africa, under the "sister ship" theory of liability, a claimant may arrest both the vessel which is subject to the claimant's maritime lien and any "associated" vessel, which is any vessel owned or controlled by the same owner. Claimants could attempt to assert "sister ship" liability against a vessel in our fleet for claims relating to another of our vessels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Governments could requisition our vessels during a period of war or emergency, resulting in a loss of earnings.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A government could requisition one or more of our vessels for title or for hire. Requisition for title occurs when a government takes control of a vessel and becomes its owner, while requisition for hire occurs when a government takes control of a vessel and effectively becomes its charterer at dictated charter rates. Generally, requisitions occur during periods of war or emergency, although governments may elect to requisition vessels in other circumstances. Although we would be entitled to compensation in the event of a requisition of one or more of our vessels, the amount and timing of payment would be uncertain. Government requisition of one or more of our vessels may negatively impact our revenues and reduce the amount of cash we have available for distribution as dividends to our stockholders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Substantial debt levels could limit our flexibility to obtain additional financing or pursue other business opportunities.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">our debt level could make us more vulnerable than our competitors with less debt to competitive pressures or a downturn in our business or the economy generally; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">our debt level may limit our flexibility in responding to changing business and economic conditions.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our ability to service our debt will depend upon, among other things, our financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond our control. If our operating income is not sufficient to service our current or future indebtedness, we will be forced to take actions such as reducing or delaying our business activities, acquisitions, investments or capital expenditures, selling assets, restructuring or refinancing our debt or seeking additional equity capital. We may not be able to effect any of these remedies on satisfactory terms, or at all. In addition, a lack of liquidity in the debt and equity markets could hinder our ability to refinance our debt or obtain additional financing on favorable terms in the future.&#160;&#160;In addition, our loan agreements may impose operation restrictions on us such as changing the management of our vessels.&#160;&#160;Please see "Item 5. Operating and Financial Review and Prospects &#8211; B. Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may be unable to comply with the covenants contained in our loan agreements, which would affect our ability to conduct our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our loan agreements for our borrowings, which are secured by mortgages on our vessels, contain various financial and other covenants.&#160;&#160;Among those covenants are requirements that relate to our financial position, operating performance and liquidity.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The market value of drybulk vessels is sensitive, among other things, to changes in the drybulk charter market, with vessel values deteriorating in times when drybulk charter rates are falling and improving when charter rates are anticipated to rise. The current low charter rates in the drybulk market, along with the oversupply of drybulk carriers and the prevailing difficulty in obtaining financing for vessel purchases, have adversely affected drybulk vessel values, including the vessels in our fleet. As a result, we may not meet certain minimum asset coverage ratios and other financial ratios which are included in our loan agreements.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 3, 2013, we announced that we have agreed with all of our lenders to amend the terms of our current loan agreement subject to the execution of definitive documentation and the satisfaction of certain important conditions.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under our $120.0 million and $26.0 million loan agreements with Commerzbank AG, we have agreed to amend, among other things, our minimum asset coverage ratio from 135% to 80% for the period ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014 and to 110% for the six month period ending June 30, 2015.&#160;&#160;Thereafter and until the repayment of the respective loans, the asset cover ratio will be set to its initial level of 135%.&#160;&#160;In addition, we have agreed to the deferral of payments of $16.7 million representing 60% of the value of the installments payable in year 2013 and 50% of the value of the installments payable in 2014, and to a prepayment of the loans of $2.0 million, which was made on December 31, 2012. The deferred amounts have been added to the loans' final installment, payable upon the expiration of the loan agreements in the fourth quarter of 2016.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We also amended the minimum asset coverage ratio under our $64.5 million loan agreement with HSH Nordbank AG, or HSH, which was reduced to 100% for the period ending December 31, 2012 and to 110% for the period from January 1, 2013 until December 31, 2013.&#160;&#160;Thereafter and until repayment of the loan, the asset cover ratio will return to 125%.&#160;&#160;In addition, we have agreed to the deferral of a minimum of approximately $3.5 million of the subsequent eight consecutive quarterly installments and to the release of approximately $7.4 million of pledged cash already held by HSH which was applied as prepayment of the loan facility on January 7, 2013. This payment will lower our annual interest expenses by approximately $240,000. Under certain conditions, we may increase the deferral of certain principal repayments up to approximately $7.0 million under the loan facility during 2013 and 2014.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The amended terms of our $70.0 million loan agreement with Credit Agricole Corporate and Investment Bank, or Credit Agricole, among other things, reduce the asset coverage ratio from 120% to 105% until March 31, 2014 thereafter and until the repayment of the loan, the asset coverage ratio will return to 120%.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We agreed to reduce the asset coverage ratio of our $31.0 million loan agreement with ABN AMRO Bank from 100% to 75% for the period until December 31, 2014 and thereafter the asset coverage ratio will be set to the level as stated in the original agreement.&#160;&#160;In addition, we have agreed to reduce the minimum required liquidity to $500,000 per vessel, from $750,000, which will result in the reclassification of restricted cash to free cash.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, we were in compliance with the amended financial and other covenants described above.&#160;&#160;Please see "Item 5. Operating and Financial Review and Prospects &#8211; Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities" for a discussion of our credit facilities.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If we are not in compliance with our covenants and we are not able to obtain covenant waivers or modifications, our lenders could require us to post additional collateral, enhance our equity and liquidity, increase our interest payments or pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet, or they could accelerate our indebtedness, which would impair our ability to continue to conduct our business. If our indebtedness is accelerated, we might not be able to refinance our debt or obtain additional financing and could lose our vessels if our lenders foreclose their liens. In addition, if we find it necessary to sell our vessels at a time when vessel prices are low, we will recognize losses and a reduction in our earnings, which could affect our ability to raise additional capital necessary for us to comply with our loan agreements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Currently, we are prohibited from paying dividends under our loan agreements and we may be unable to pay dividends in the future.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the terms of our recently agreed amendments to our loan agreements, we are prohibited from paying dividends until the later of (i) December 31, 2014, (ii) the repayment of the deferred amounts under our Commerzbank AG credit facilities, and (iii) complying with the original terms of our Credit Agricole credit facility.&#160;&#160;In general, when dividends are paid, they are distributed on a quarterly basis from our operating surplus, in amounts that allow us to retain a portion of our cash flows to fund vessel or fleet acquisitions and for debt repayment and other corporate purposes, as determined by our management and board of directors.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, the declaration and payment of dividends will be subject at all times to the discretion of our board of directors.&#160;&#160;The timing and amount of dividends will depend on our earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in our loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent upon the payment of such dividends, or if there is no surplus, dividends may be declared or paid out of net profits for the fiscal year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If we enter into newbuilding contracts for the construction and acquisition of new vessels, delays or defaults by the shipyards in the construction and delivery of such newbuildings could increase our expenses and diminish our net income and cash flows.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We may enter newbuilding contracts for the construction and acquisition of new vessels. These projects are subject to the risk of delay or defaults by the shipyards caused by, among other things, unforeseen quality or engineering problems, work stoppages, weather interference, unanticipated cost increases, delays in receipt of necessary equipment, and inability to obtain the requisite permits or approvals. In accordance with industry practice, in the event the shipyards are unable or unwilling to deliver the vessels, we may not have substantial remedies. Failure to construct or deliver the ships by the shipyards or any significant delays could increase our expenses and diminish our net income and cash flows.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We depend upon a few significant customers for a large part of our revenues and the loss of one or more of these customers could adversely affect our financial performance.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We derive a significant part of our charterhire from a small number of customers.&#160;&#160;For the year ended December 31, 2012, we derived 67% of our voyage revenues from four charterers, as presented in our statement of operations. Currently, six of our vessels are employed under fixed rate period charters to four customers. If one or more of these customers is unable to perform under one or more charters with us and we are not able to find a replacement charter, or if a customer exercises certain rights to terminate the charter, we could suffer a loss of revenues that could materially adversely affect our business, financial condition, results of operations and cash available for distribution as dividends to our shareholders.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If we lose a key customer, we may be unable to obtain charters on comparable terms or may become subject to the volatile spot market, which is highly competitive and subject to significant price fluctuations.&#160;&#160;The medium to long-term time charters for six of our vessels provide for charter rates that are significantly above current market rates, particularly spot market rates that most directly reflect the current depressed levels of the drybulk charter market. If it were necessary to secure substitute employment, in the spot market or on time charters, for any of these vessels due to the loss of a customer in these market conditions, such employment would be at a significantly lower charter rate than currently generated by such vessels, or we may be unable to secure a charter at all, in either case, resulting in a significant reduction in revenues. The loss of any of our customers or time charters, or a decline in payments under our charters, could have a material adverse effect on our business, results of operations and financial condition and our ability to pay dividends.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The failure of our charterers to meet their obligations under our time charter agreements, on which we depend for substantially all of our revenues, could cause us to suffer losses or otherwise adversely affect our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Currently, seven of our vessels are chartered on medium to long-term time charters with an average remaining term of approximately 2.04 years, and seven of our vessels are employed in what we consider to be the spot market due to the short duration of their current charter agreements. For the year ended December 31, 2012, 67% of our voyage revenues-net of commissions were generated from four charterers. The ability and willingness of each of our counterparties to perform its obligations under a time charter agreement with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the drybulk shipping industry and the overall financial condition of the counterparties. Consistent with drybulk shipping industry practice, we have not independently analyzed the creditworthiness of the charterers. Charterers are sensitive to the commodity markets and may be impacted by market forces affecting commodities such as iron ore, coal, grain, and other minor bulks. In addition, in these depressed market conditions, certain charterers, including some of our charterers, are renegotiating the terms of the charters or defaulting on their obligations under the charters.&#160;&#160;In the event a charterer fails to honor its obligations under agreements with us, it may be difficult to secure substitute employment for such vessel, and any new charter arrangements we secure in the spot market or on charters may be at lower rates, depending on the then existing charter rate levels, compared to the rates currently being charged for our vessels.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We previously entered into time charters for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font> that were scheduled to expire in 2014. We withdrew the vessels from their charterers' service because of the charterers' repudiatory breach of time charter agreements.&#160;&#160;Arbitration proceedings commenced against the charterers of the vessels in London to pursue damages arising from such breach, which will include the loss of hire.&#160;&#160;A conditional settlement agreement was signed on September 5, 2012, under which we are scheduled to receive an aggregate cash payment of $5.0 million which will be divided into seventeen installments. The first installment of $500,000 was received upon the execution of the settlement agreement and the next sixteen monthly installments varying between $250,000 and $500,000 will be received the last day of each month beginning on September 30, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> was previously time chartered to Pacific Bulk Shipping Ltd., or Pacific Bulk, for a minimum of 36 months and a maximum of 41 months.&#160;&#160;At Pacific Bulk's request, we agreed to extend the term of the time charter to a minimum of 56 months and a maximum of 61 months at a lower daily rate.&#160;&#160;On December 31, 2011, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> was redelivered to us early and on January 4, 2012, we entered into an agreement with Pacific Bulk to accept the early redelivery of the vessel in exchange for an aggregate of $6.454 million consisting of a cash payment of $5.734 million and 1,027 metric tons of fuel valued at $0.720 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 18, 2011, we received a letter from Korea Line Corporation, or KLC, the charterer of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, notifying us of the commencement of rehabilitation proceedings of KLC in Korea and the related schedule for making registered claims against KLC in those proceedings.&#160;&#160;On March 31, 2011, we filed their registered claims with the Bankruptcy Division of the Korean courts relating to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>.&#160;&#160;The rehabilitation plan was approved by the required majority vote of KLC's lenders which provided for payments in cash and in shares for a period of ten years to KLC's counterparties in relation to the unsecured claims.&#160;&#160;In addition, and with respect to the common benefit claims (secured claims), following an agreement with the joint receivers of KLC, we agreed to settle the common benefit claim of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> by way of two equal annual cash payments in the aggregate amount of $344,857, the first installment was received in October 2011 and the second installment was received in January 2013. With respect to our claims related to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, pursuant to a separate agreement with the joint receivers of KLC, the due hire which represented the common benefit claim was paid directly from sub charterers to us and the remaining due hire representing unsecured claims is expected to be settled pursuant to the approved rehabilitation plan. As per rehabilitation plan, on December 31, 2012 we received the amounts of $12,055 and $740 representing the annual payment of the rehabilitation plan of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, respectively. On November 19, 2012, we received 46,007 shares of KLC as part of the rehabilitation plan described above, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to approximately $144,000.&#160;&#160;Please see "Item 8. Financial Information &#8211; Consolidated statements and other financial information &#8211; Legal Proceedings" for a discussion of our legal proceedings.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We are subject to certain risks with respect to our counterparties on contracts, and failure of such counterparties to meet their obligations could cause us to suffer losses or otherwise adversely affect our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We have entered into, and may enter into in the future, various contracts, including charterparties and contracts of affreightment (COAs) with our customers, newbuilding contracts with shipyards and credit facilities with our lenders. We also enter into time charters and voyage charters as a charterer. These agreements subject us to counterparty risks. The ability of each of our counterparties to perform its obligations under a contract with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime industry, the overall financial condition of the counterparty, charter rates received for specific types of vessels, and various expenses.&#160;&#160;We seek to minimize our counterparty risk by doing business with well-established customers and financial institutions. Should our counterparty fail to honor its obligations under agreements with us, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may be subject to litigation, arbitration and other proceedings that could have an adverse effect on our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On an ongoing basis, we are involved in litigation arising in the ordinary course of business, or otherwise.&#160;&#160;We may be exposed to litigation related to personal injury, environmental matters, contractual disagreements, taxes, securities, or maritime matters.&#160;&#160;We cannot predict with certainty the outcome or effect of any claim or other litigation matter, or a combination of these.&#160;&#160;If we are involved in any future litigation, or if our positions concerning current disputes are found to be incorrect, this may have an adverse effect on our business, financial position, results of operations and ability to pay dividends, because of potential negative outcomes, the costs associated with asserting our claims or defending such lawsuits, and the diversion of management's attention to these matters.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investment in derivative instruments such as freight derivatives or other derivative instruments could result in losses.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">From time to time, we may take positions in derivative instruments including freight derivatives, bunker derivatives and other derivative instruments. Generally, freight derivatives may be used to hedge a vessel owner's exposure to the charter market for a specified route and period of time, whereas bunker derivatives may be used to hedge the fluctuations in bunker prices. Upon settlement, if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and time period, the seller of the freight derivative is required to pay the buyer an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days specified in the contract. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. If we take positions in freight derivatives or other derivative instruments we could suffer losses in the settling or termination of the freight or other derivative instruments. This could adversely affect our results of operation and cash flow. We currently hold no open derivative positions.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may have difficulty managing our planned growth properly.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We intend to continue to expand our fleet. Our future growth will primarily depend on our ability to:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Growing any business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty experienced in obtaining additional qualified personnel and managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. We may not be successful in executing our growth plans and may incur significant expenses and losses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Increases in LIBOR could affect our profitability, earnings and cash flow.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Interest in most loan agreements in our industry is based on published London Interbank Offered Rates (LIBOR). The London market for Dollar loans between banks has recently been volatile, with the spread between published LIBOR and the lending rates actually charged to banks in the London interbank market widening significantly at times. For the past two years LIBOR was at historical lows. In addition, it was discovered that LIBOR was manipulated by various financial institutions which may have an impact on LIBOR.&#160;&#160;Because the interest rates borne by our outstanding indebtedness fluctuate with changes in LIBOR, an increase in LIBOR would affect the amount of interest payable on our debt, which in turn, could have an adverse effect on our profitability, earnings and cash flow. Since inception, the Company has not entered into any interest rate swap agreements and has, therefore, taken the benefit of the low interest rate environment. We are continuously monitoring the macroeconomic factors that affect the interest rate and the interest rate swap market and we will consider hedging our interest rate exposure if we believe that such an action will be in our best interest and the best interest of our shareholders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">In the highly competitive international drybulk shipping industry, we may not be able to compete for charters with new entrants or established companies with greater resources which may adversely affect our results of operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We employ our vessels in a highly competitive market that is capital intensive and highly fragmented. Competition arises primarily from other vessel owners, some of whom have substantially greater resources than us. Competition for the transportation of drybulk cargoes can be intense and depends on price, location, size, age, condition and the acceptability of the vessel and its managers to the charterers. Due in part to the highly fragmented market, competitors with greater resources could operate larger fleets through consolidations or acquisitions and may be able to offer more favorable terms.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may be unable to attract and retain key management personnel and other employees in the shipping industry, which may negatively affect the effectiveness of our management and our results of operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our success depends to a significant extent upon the abilities and efforts of our management team. As of March 18, 2013 we had fifty-five employees.&#160;&#160;Fifty-three of our employees, through our wholly owned subsidiaries, Star Bulk Management Inc., or Star Bulk Management, and Starbulk S.A, are engaged in the day to day management of the vessels in our fleet. Our success depends upon our ability to retain key members of our management team and the ability of Star Bulk Management to recruit and hire suitable employees. The loss of any members of our senior management team could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining personnel could adversely affect our results of operations. We do not maintain "key-man" life insurance on any of our officers or employees of Star Bulk Management and/or Starbulk S.A.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may be unable to attract and retain qualified, skilled employees or crew necessary to operate our business.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160; Our vessels may call in ports where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims or restrictions which could have an adverse effect on our business, financial condition, results of operations and cash flows. As we expand our fleet, we will need to expand our operations and financial systems and hire new shoreside staff and seafarers to staff our vessels; if we cannot expand these systems or recruit suitable employees, our performance may be adversely affected.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our operating and financial systems may not be adequate as we expand our fleet, and our attempts to implement those systems may be ineffective. In addition, we rely on our wholly-owned subsidiaries, Star Bulk Management and Starbulk S.A., to recruit shoreside administrative and management personnel and for crew management.&#160;&#160;In addition, we are required under our amended loan agreements to expand the number of third-party vessels we manage to 10 vessels, which may result in the hiring of additional personnel. Shoreside personnel are recruited by Star Bulk Management and Starbulk S.A. through referrals from other shipping companies and traditional methods of securing personnel, such as placing classified advertisements in shipping industry periodicals. Star Bulk Management, Starbulk S.A. and its crewing agent may not be able to continue to hire suitable employees as Star Bulk expands its fleet. If we are unable to operate our financial and operations systems effectively, recruit suitable employees or if our unaffiliated crewing agent encounters business or financial difficulties, our performance may be materially adversely affected.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Labor interruptions could disrupt our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Management and Starbulk S.A. currently provide the crew for all of our vessels, which are manned by masters, officers and crews that are employed by our shipowning subsidiaries.&#160;&#160;If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations from being carried out normally and could have a material adverse effect on our business, results of operations, cash flows and financial condition.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels.&#160;&#160;These laws and regulations include, but are not limited to, the regulations of the International Maritime Organization, or IMO, including the International Convention on Civil Liability for Oil Pollution Damage of 1969, the International Convention for the Prevention of Pollution from Ships of 1975, International Convention for the Prevention of Marine Pollution of 1973, the IMO International Convention for the Safety of Life at Sea of 1974, the International Convention on Load Lines of 1966, the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, the U.S. Clean Air Act, U.S. Clean Water Act and the U.S. Marine Transportation Security Act of 2002.&#160;&#160;Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels.&#160;&#160;We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions (including greenhouse gas emissions), the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents.&#160;&#160;Additionally, we cannot predict the cost of compliance with any new regulations that may be promulgated as a result of the 2010 BP plc <font style="FONT-STYLE: italic; DISPLAY: inline">Deepwater Horizon </font>oil spill in the Gulf of Mexico.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">These costs could have a material adverse effect on our business, results of operations, cash flows and financial condition.&#160;&#160;A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations.&#160;&#160;Environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If our vessels fail to maintain their class certification and/or fail any annual survey, intermediate survey, dry-docking or special survey, that vessel would be unable to carry cargo, thereby reducing our revenues and profitability and violating certain covenants under our credit facilities.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Every ocean-going vessel must be "classed" by a classification society.&#160;&#160;The classification society certifies that the vessel is "in class," signifying that the vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the vessel's country of registry and the international conventions of which that country is a member.&#160;&#160;In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The classification society also undertakes on request other surveys and checks that are required by regulations and requirements of the flag state.&#160;&#160;These surveys are subject to agreements made in each individual case and/or to the regulations of the country concerned.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Annual Surveys</font>:&#160;&#160;For seagoing ships, annual surveys are conducted for the hull and the machinery, including the electrical plant, and where applicable for special equipment classed, within three months before or after each anniversary date of the date of commencement of the class period indicated in the certificate.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Intermediate Surveys</font>:&#160;&#160;Extended annual surveys are referred to as intermediate surveys and typically are conducted two and one-half years after commissioning and each class renewal.&#160;&#160;Intermediate surveys are to be carried out at or between the occasions of the second or third annual survey.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Class Renewal Surveys</font>:&#160;&#160;Class renewal surveys, also known as special surveys, are carried out for the ship's hull, machinery, including the electrical plant, and for any special equipment classed, at the intervals indicated by the character of classification for the hull.&#160;&#160;At the special survey, the vessel is thoroughly examined, including audio-gauging to determine the thickness of the steel structures.&#160;&#160;Should the thickness be found to be less than class requirements, the classification society would prescribe steel renewals.&#160;&#160;The classification society may grant a one-year grace period for completion of the special survey.&#160;&#160;Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear.&#160;&#160;In lieu of the special survey every four or five years, depending on whether a grace period was granted, a vessel owner has the option of arranging with the classification society for the vessel's hull or machinery to be on a continuous survey cycle, in which every part of the vessel would be surveyed within a five-year cycle.&#160;&#160;Upon a vessel owner's request, the surveys required for class renewal may be split according to an agreed schedule to extend over the entire period of class.&#160;&#160;This process is referred to as continuous class renewal.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All areas subject to survey as defined by the classification society are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere.&#160;&#160;The period between two subsequent surveys of each area must not exceed five years.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Most vessels are also drydocked every 30 to 36 months for inspection of the underwater parts and for repairs related to inspections.&#160;&#160;If any defects are found, the classification surveyor will issue a "recommendation" which must be rectified by the vessel owner within prescribed time limits.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Most insurance underwriters make it a condition for insurance coverage that a vessel be certified as "in class" by a classification society which is a member of the International Association of Classification Societies.&#160;&#160;All of our vessels are certified as being "in class" by RINA, ABS and NKK,&#160;which are&#160;major classification societies.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, dry-docking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our credit facilities.&#160;&#160;Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our vessels may suffer damage due to the inherent operational risks of the seaborne transportation industry and we may experience unexpected drydocking costs, which may adversely affect our business and financial condition.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our vessels and their cargoes are at risk of being damaged or lost because of events such as marine disasters, bad weather, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy and other circumstances or events. These hazards may result in death or injury to persons, loss of revenues or property, environmental damage, higher insurance rates, damage to our customer relationships, delay or rerouting. If our vessels suffer damage, they may need to be repaired at a drydocking facility. For example, the costs of drydock repairs are unpredictable and may be substantial. We may have to pay drydocking costs that our insurance does not cover in full. The loss of earnings while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility or our vessels may be forced to travel to a drydocking facility that is not conveniently located to our vessels' positions. The loss of earnings while these vessels are forced to wait for space or travel to more distant drydocking facilities would decrease our earnings. In February 2012, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris </font>sustained bottom damage when entering the port of Eregli in Turkey. The vessel proceeded to a shipyard for permanent repairs, which resulted in an off-hire period of 49 days and a loss of $0.8 million in revenues. In June 2012, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font>, suffered engine failure in Korea, which resulted in 142 off-hire days and the loss of $2.3 million in revenues. We are in the process of pursuing a claim against the shipyard for the losses incurred as a result of the main engine failure in Korea, attributing same to the yard's liability. The major portions of the hull and machinery damage claims, sustained in Eregli and Korea, have been reimbursed by the Hull and Machinery underwriters.&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The operation of drybulk carriers has certain unique operational risks. By their nature, drybulk cargoes are often heavy, dense, easily shifted, and react badly to water exposure, so the cargo and its interaction with the vessel can be a risk factor in and of itself. In addition, drybulk carriers are often subjected to battering treatment during unloading operations with grabs, jackhammers (to pry encrusted cargoes out of the hold), and small bulldozers. This treatment may cause damage to the drybulk carrier. Drybulk carriers damaged due to treatment during unloading procedures may be more susceptible to a breach to the sea. Hull breaches in drybulk carriers may lead to the flooding of their holds. If a drybulk carrier suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the drybulk carrier's bulkheads, leading to the loss of the drybulk carrier.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If we are unable to adequately maintain or safeguard our vessels we may be unable to prevent these events. Any of these circumstances or events could negatively impact our business, financial condition, results of operations and ability to pay dividends if reinstated in the future. In addition, the loss of any of our vessels could harm our reputation as a safe and reliable vessel owner and operator.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Purchasing and operating secondhand vessels may result in increased operating costs and vessel off-hire, which could adversely affect our earnings.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our inspection of secondhand vessels prior to purchase does not provide us with the same knowledge about their condition and cost of any required or anticipated repairs that we would have had if these vessels had been built for and operated exclusively by us. We will not receive the benefit of warranties on secondhand vessels.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Typically, the costs to maintain a vessel in good operating condition increase with the age of the vessel. Older vessels are typically less fuel efficient and more costly to maintain than more recently constructed vessels. Cargo insurance rates increase with the age of a vessel, making older vessels less desirable to charterers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment, to our vessels and may restrict the type of activities in which the vessels may engage. As our vessels age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We inspected all of our secondhand vessels, which we acquired from both related and unrelated third parties, considered the age and condition of the vessels in budgeting for their operating, insurance and maintenance costs, and if we acquire additional secondhand vessels in the future, we may encounter higher operating and maintenance costs due to the age and condition of those additional vessels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may not have adequate insurance to compensate us for the loss of a vessel, which may have a material adverse effect on our financial condition and results of operation.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We have procured hull and machinery insurance, protection and indemnity insurance, which include environmental damage and pollution insurance coverage, and war risk insurance for our fleet. We do not maintain, for our vessels, insurance against loss of hire, which covers business interruptions that result from the loss of use of a vessel. We may not be adequately insured against all risks. We may not be able to obtain adequate insurance coverage for our fleet in the future. The insurers may not pay particular claims. Our insurance policies may contain deductibles for which we will be responsible, and limitations and exclusions which may increase our costs or lower our revenue. Moreover, insurers may default on claims they are required to pay. If our insurance is not enough to cover claims that may arise, the deficiency may have a material adverse effect on our financial condition and results of operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We may be subject to calls because we obtain some of our insurance through protection and indemnity associations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We generate all of our revenues in dollars but we incur a portion of our expenses in currencies other than the dollar. This difference could lead to fluctuations in net income due to changes in the value of the dollar relative to the other currencies, in particular the Euro. Expenses incurred in foreign currencies against which the dollar falls in value can increase, decreasing our revenues. Further declines in the value of the dollar could lead to higher expenses payable by us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We are a holding company, and depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to make dividend payments.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are a holding company, and our subsidiaries, which are all directly and wholly owned by us, conduct all of our operations and own all of our operating assets.&#160;&#160;As a result, our ability to satisfy our financial obligations and to pay dividends to our shareholders depends on the ability of our subsidiaries to generate profits available for distribution to us and, to the extent that they are unable to generate profits, we may be unable to pay dividends to our shareholders.&#160;&#160;Currently, we and certain of our subsidiaries are prohibited from paying dividends to our shareholders and us until certain conditions a met under our loan agreements.&#160;&#160;Please see "Item 5. Operating and Financial Review and Prospects &#8211; B. Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, which may negatively affect the ability of public shareholders to protect their interests.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are incorporated under the laws of the Republic of the Marshall Islands, and our corporate affairs are governed by our articles of incorporation and bylaws and by the Marshall Islands Business Corporations Act, or BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, public shareholders may have more difficulty in protecting their interests in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All of our assets are located outside of the United States. Our business is operated primarily from our offices in Athens, Greece. In addition, our directors and officers are non-residents of the United States, and all or a substantial portion of the assets of these non-residents are located outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States if you believe that your rights have been infringed under securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Marshall Islands and of other jurisdictions may prevent or restrict you from enforcing a judgment against our assets or the assets of our directors and officers. Although you may bring an original action against us, our officers and directors in the courts of the Marshall Islands based on U.S. laws, and the courts of the Marshall Islands may impose civil liability, including monetary damages, against us, our officers or directors for a cause of action arising under Marshall Islands law, it may be impracticable for you to do so given the geographic location of the Marshall Islands.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our Chairman has affiliations with Oceanbulk Group, which could create conflicts of interest.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our Chairman, Mr. Petros Pappas, and his daughter Mrs. Milena-Maria Pappas, one of our directors, founded and are affiliated with the Oceanbulk Group, a group of related companies which are involved in the service sectors of the shipping industry. To the extent that the Oceanbulk Group owns and operates drybulk carriers, this ownership and operation could create conflicts of interest between us, on the one hand, and the Oceanbulk Group, on the other hand. These conflicts may arise in connection with the chartering, purchase, sale and operations of the vessels in our fleet versus drybulk carriers managed and owned by the Oceanbulk Group.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">There is a risk that we could be treated as a U.S. domestic corporation for U.S. federal income tax purposes after the merger of Star Maritime with and into Star Bulk, with Star Bulk as the surviving corporation, or the Redomiciliation Merger, which would adversely affect our earnings.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Section 7874(b) of the U.S. Internal Revenue Code of 1986, as amended, or the "Code", provides that, unless certain requirements are satisfied, a corporation organized outside of the United States which acquires substantially all of the assets (through a plan or a series of related transactions) of a corporation organized in the United States will be treated as a U.S. domestic corporation for U.S. federal income tax purposes if shareholders of the U.S. corporation whose assets are being acquired own at least 80% of the non-U.S. acquiring corporation after the acquisition. If Section 7874(b) of the Code were to apply to Star Maritime and the Redomiciliation Merger, then, among other consequences, the Company, as the surviving entity of the Redomiciliation Merger, would be subject to U.S. federal income tax as a U.S. domestic corporation on its worldwide income after the Redomiciliation Merger. Upon completion of the Redomiciliation Merger and the concurrent issuance of stock to TMT Co. Ltd., or "TMT", a shipping company headquartered in Taiwan, under the acquisition agreements, the shareholders of Star Maritime owned less than 80% of the Company. Therefore, the Company believes that it should not be subject to Section 7874(b) of the Code after the Redomiciliation Merger. Star Maritime obtained an opinion of its counsel, Seward &amp; Kissel LLP, or "Seward &amp; Kissel", that Section 7874(b) of the Code should not apply to the Redomiciliation Merger. However, there is no authority directly addressing the application of Section 7874(b) of the Code to a transaction such as the Redomiciliation Merger where shares in a foreign corporation such as the Company are issued concurrently with (or shortly after) a merger. In particular, since there is no authority directly applying the "series of related transactions" or "plan" provisions to the post-acquisition stock ownership requirements of Section 7874(b) of the Code, the U.S. Internal Revenue Service, or the "IRS", may not agree with Seward &amp; Kissel's opinion on this matter. Moreover, Star Maritime has not sought a ruling from the IRS on this point. Therefore, the IRS may seek to assert that we are subject to U.S. federal income tax on our worldwide income for taxable years after the Redomiciliation Merger, although Seward &amp; Kissel is of the opinion that such an assertion should not be successful.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as the Company and its subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States is characterized as U.S. source shipping income and such income is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the regulations promulgated thereunder by the U.S. Department of the Treasury.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We qualify for this statutory tax exemption and we took this position for U.S. federal income tax return reporting purposes for 2011 and we will take the same position for 2012 and we intend to take this position for 2013. However, there are factual circumstances beyond our control that could cause us to lose the benefit of this tax exemption and thereby become subject to U.S. federal income tax on our U.S. source shipping income. For instance, we would no longer qualify for exemption under Section 883 of the Code for a particular taxable year if shareholders with a 5% or greater interest in our common stock owned, in the aggregate, 50% or more of our outstanding common stock for more than half the days during the taxable year. Due to the factual nature of the issues involved, we can give no assurances with regard to our tax-exempt status or that of any of our subsidiaries.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If we are not entitled to the exemption under Section 883 of the Code for any taxable year, we would be subject during those years to a 4% U.S. federal income tax on our U.S. source shipping income. The imposition of this tax would have a negative effect on our business and would result in decreased earnings.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. tax authorities could treat us as a "passive foreign investment company," which could have adverse U.S. federal income tax consequences to U.S. shareholders.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We will be treated as a "passive foreign investment company," or "PFIC", for U.S. federal income tax purposes if either (1) at least 75% of our gross income for any taxable year consists of certain types of "passive income" or (2) at least 50% of the average value of our assets produce, or are held for the production of, those types of "passive income," to which the Company refers to as "passive assets." For purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange of investment property, and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute "passive income." U.S. shareholders of a PFIC may be subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC. In addition, U.S. shareholders of a PFIC may be required to file an annual report containing such information as the Secretary of the U.S. Department of the Treasury may provide.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Based on our method of operation, we take the position for U.S. federal income tax purposes that we have not been, and are not currently, a PFIC with respect to any taxable year. In this regard, we intend to treat the gross income we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, we take the position that our income from our time chartering activities does not constitute "passive income," and the assets that we own and operate in connection with the production of that income do not constitute "passive assets."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">There is, however, no direct legal authority under the PFIC rules addressing our method of operation. In addition, we have not received an opinion of counsel with respect to this issue. We believe there is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from these time charters as services income for other tax purposes. However, we note that there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, there is a risk that the IRS or a court of law may not accept our position, and treat us as a PFIC. Moreover, we may constitute a PFIC for any future taxable year if there were to be changes in the nature and extent of our operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If the IRS or a court were to find that we are or have been a PFIC for any taxable year, our U.S. shareholders may face adverse U.S. federal income tax consequences. Under the PFIC rules, unless such U.S. shareholders make an election available under the Code (which election could itself have adverse consequences), such U.S. shareholders would be subject to U.S. federal income tax at the then highest income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of our common stock, as if the excess distribution or gain had been recognized ratably over the U.S. shareholder's holding period of our common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our common stock could be delisted from the Nasdaq Global Select Market, which could negatively impact the price of our common stock and our ability to access the capital markets.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our common stock is currently listed on the Nasdaq Global Select Market, or Nasdaq. Our ability to retain our listing is contingent upon compliance with Nasdaq listing requirements. The listing standards of Nasdaq provide, among other things, that a company may be delisted if the bid price of its stock decreases below $1.00 for a period of 30 consecutive business days and the company is unable to meet the minimum bid requirement within the period provided by Nasdaq Global Select Market.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 2, 2012, we were notified by Nasdaq that we were no longer in compliance with Nasdaq Listing Rule 5450(a)(1) because the closing bid price of our common stock for 30 consecutive business days had been below the minimum $1.00 per share bid price requirement for continued listing on Nasdaq. In response, we conducted a 15-for-1 reverse stock split which was effective as of October 15, 2012, and approved at the annual general meeting of our shareholders on September 7, 2012. We regained compliance during October 2012 when, during the applicable grace period, the closing bid price of our common stock was at least $1.00 per share for a minimum of ten consecutive business days.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Further declines in the trading price of our common stock may cause us to fail to meet certain of the continuing listing standards of the Nasdaq, which could result in the delisting of our common shares.&#160;&#160;If our shares cease to be traded on the Nasdaq or on another national securities exchange, the price at which you may be able to sell your common shares of the company may be significantly less than their current trading price or you may not be able to sell them at all.&#160;&#160;We are currently in compliance with all applicable Nasdaq listing standards.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Certain stockholders hold registration rights, which may have an adverse effect on the market price of our common stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 20, 2011, we filed a registration statement on Form S-8 (File No. 333-176922) that covers the resale of up to 311,006 of our common shares that have been and may be issued under our 2007, 2010 and 2011 equity incentive plans.&#160;&#160;We have included 485,783 common shares for resale in a universal shelf registration statement (File No. 333-180674), which was declared effective by the Commission July 17, 2012.&#160;&#160;The resale of these common shares in addition to the offer and sale of the other securities included in such registration statement and in the Form S-8 may have an adverse effect on the market price of our common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Anti-takeover provisions in our organizational documents could make it difficult for our stockholders to replace or remove our current board of directors or have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Several provisions of our amended and restated articles of incorporation and bylaws could make it difficult for our stockholders to change the composition of our board of directors in any one year, preventing them from changing the composition of management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that stockholders may consider favorable.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">authorizing our board of directors to issue "blank check" preferred stock without stockholder approval;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">providing for a classified board of directors with staggered, three year terms;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">authorizing the board to call a special meeting at any time.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The market price of our common shares has fluctuated widely and may fluctuate widely in the future, or there may be no continuing public market for you to resell our common stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The market price of our common stock has fluctuated widely since our common shares began trading on the Nasdaq Global Select Market in December 2007, and may continue to do so as a result of many factors such as actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry, mergers and strategic alliances in the shipping industry, market conditions in the shipping industry, changes in government regulation, shortfalls in our operating results from levels forecast by securities analysts, announcements concerning us or our competitors and the general state of the securities market.&#160;&#160;Further, there may be no continuing active or liquid public market for our common stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The market price of our common stock has dropped below $5.00 per share, and the last reported sale price on Nasdaq on March 18, 2013 was $6.15 per share.&#160;&#160;If the market price of our common shares decreases below $5.00 per share, under stock exchange rules, our shareholders will not be able to use such shares as collateral for borrowing in margin accounts. This inability to continue to use our common shares as collateral may lead to sales of such shares creating downward pressure on and increased volatility in the market price of our common shares.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We were incorporated in the Marshall Islands on December 13, 2006. Our executive offices are located at c/o Star Bulk Management Inc., 40 Agiou Konstantinou Str., Maroussi 15124, Athens, Greece and our telephone number is 011 30 210 617 8400.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Maritime Acquisition Corp., or Star Maritime, was organized under the laws of the State of Delaware on May 13, 2005 as a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or similar business combination, one or more assets or target businesses in the shipping industry. Following the formation of Star Maritime, its officers and directors were the holders of 601,795 common shares representing all of our then issued and outstanding capital stock. On December 21, 2005, Star Maritime consummated its initial public offering of 1,257,833 units, at a price of $150.00 per unit, each unit consisting of one share of Star Maritime common stock and one warrant to purchase one share of Star Maritime common stock at an exercise price of $120.00 per share. In addition, Star Maritime completed during December 2005 a private placement of an aggregate of 75,500 units each unit consisting of one share of common stock and one warrant, to Mr. Pappas our Chairman of the Board, Mr. Erhardt, one of our directors, and Mr. Tsirigakis, our former Chief Executive Officer and former director effective March 31, 2012 and Mr. Syllantavos, our former Chief Financial Officer. The gross proceeds of the private placement of $11.3 million were used to pay all fees and expenses of the initial public offering and as a result, the entire gross proceeds of the initial public offering amounting to $188.7 million were deposited in a trust account maintained by American Stock Transfer &amp; Trust Company. Star Maritime's common stock and warrants started trading on the American Stock Exchange under the symbols, SEA and SEA.WS, respectively on December 21, 2005.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 12, 2007, Star Maritime and Star Bulk entered into definitive agreements to acquire a fleet of eight drybulk carriers with a combined cargo-carrying capacity of approximately 692,000 dwt. from certain subsidiaries of TMT. These eight drybulk carriers are referred to as the initial fleet. The aggregate purchase price specified in the Master Agreement by and among the Company, Star Maritime and TMT, or the Master Agreement, for the initial fleet was $224.5 million in cash and 835,843 common shares, which were issued on November 30, 2007. As additional consideration for eight vessels, we agreed to issue 107,130 common shares to TMT in two installments as follows: (i) 53,565 additional common shares, no more than 10 business days following the filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2007, and (ii) 53,565 additional common shares, no more than 10 business days following the filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2008. The shares in respect of the first installment were issued to a nominee of TMT on July 17, 2008 and the shares in respect of the second installment were issued to a nominee of TMT on April 28, 2009.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On November 2, 2007, the Commission declared effective our joint proxy/registration statement filed on Forms F-1/F-4 and on November 27, 2007 we obtained shareholder approval for the acquisition of the initial fleet and for effecting the Redomiciliation Merger as a result of which Star Maritime merged into Star Bulk with Star Maritime merging out of existence and Star Bulk being the surviving entity.&#160;&#160;Each share of Star Maritime common stock was exchanged for one share of Star Bulk common stock and each warrant of Star Maritime was assumed by Star Bulk with the same terms and conditions except that each became exercisable for common stock of Star Bulk.&#160;&#160;The Redomiciliation Merger became effective after stock markets closed on November 30, 2007, and the common shares and warrants of Star Maritime ceased trading on the American Stock Exchange under the symbols SEA and SEA.WS, respectively.&#160;&#160;Star Bulk shares and warrants started trading on the Nasdaq Global Select Market on December 3, 2007, under the ticker symbols SBLK and SBLKW, respectively. Immediately following the effective date of the Redomiciliation Merger, TMT and its affiliates owned 30.2% of our outstanding common stock.&#160;&#160;Mr. Nobu Su, a former member of our board of directors, exercises voting and investment control over the securities held of record by F5 Capital, a Cayman Islands corporation, which is a nominee of TMT.&#160;&#160;F5 Capital filed a Schedule 13D/A on July 29, 2008 reporting beneficial ownership of 7.0% of our outstanding common stock.&#160;&#160;All of our warrants expired worthless and ceased trading on the Nasdaq Global Select Market on March 15, 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We began our operations on December 3, 2007 with the delivery of our first vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon</font>. Three of the eight vessels comprising our initial fleet were delivered to us by the end of December 2007. Additionally, on December 3, 2007, we entered into an agreement to acquire an additional Supramax vessel, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font> from TMT, which was not included in the initial fleet and was delivered to us on December 14, 2007. In 2008, we took delivery of the remaining five vessels that we purchased from TMT, plus an additional four vessels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel Acquisitions, Dispositions and Other Significant Transactions</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Vessel Acquisitions</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 18, 2010, we entered into an agreement to acquire from an unaffiliated third party, a 2000 built, 171,000 dwt., Capesize drybulk carrier Nord-Kraft (to be renamed <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font>) vessel for approximately $42.5 million.&#160;&#160;We financed the purchase of this vessel with a combination of cash and bank debt.&#160;&#160;In March 2010, we entered into a time charter agreement with Rio Tinto for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font> for a period of approximately three years at a gross daily rate of $27,500, which commenced upon the delivery of the <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font> to us in September 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 24, 2010, we entered into an agreement with Hanjin HHIC-Phil Inc. for the construction of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis</font>, a 179,678 dwt Capesize vessel, for $53.6 million.&#160;&#160;We entered into a ten year time charter agreement for this vessel with STX Panocean at a gross daily hire of $24,750, which commenced on its delivery to us on September 9, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On April 6, 2010, we entered into an agreement with Hanjin HHIC-Phil Inc. for the construction of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font>, a 179,546 dwt Capesize vessel, for $53.3 million.&#160;&#160;We entered into a two year time charter agreement, with a charterer's option for an additional year, for this vessel with Louis Dreyfus Commodities Suisse SA at a gross daily hire of $16,500 for the first two years and $19,000 for the optional year, which commenced on its delivery to us on November 14, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We financed the construction of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis </font>and<font style="FONT-STYLE: italic; DISPLAY: inline"> Star Polaris </font>described above with a combination of cash and bank debt.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 12, 2011, we entered into agreements to acquire <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega</font>, two secondhand Capesize vessels, with attached long term time charters, for an aggregate purchase price of approximately $51.5 million with long term time charters attached. <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> has a carrying capacity of approximately 168,404 dwt and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega</font> has a carrying capacity of approximately 170,631 dwt.&#160;&#160;The vessels were acquired from companies in which family members of our Chairman held minority stakes, and were financed through a combination of our cash, bank debt, and a portion of the proceeds of an underwritten public offering that closed in July 2011. <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega</font> were delivered to us on July 25, 2011 and August 16, 2011, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Vessel Dispositions</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 21, 2009, we entered into an agreement to sell <font style="FONT-STYLE: italic; DISPLAY: inline">Star Alpha</font> to an unaffiliated third party for gross proceeds of approximately $19.9 million.&#160;&#160;We classified <font style="FONT-STYLE: italic; DISPLAY: inline">Star Alpha</font> as an asset held for sale during the third quarter 2009 and as a result recorded an impairment loss of $75.2 million during the year ended December 31, 2009. We delivered the vessel to its new owners on December 21, 2009.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 18, 2010, we entered into an agreement to sell <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font> to an unaffiliated third party for gross proceeds of approximately $22.0 million.&#160;&#160;We classified <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font> as an asset held for sale during the first quarter 2010 and as a result recorded an impairment loss of $34.9 million during the year ended December 31, 2010. We delivered the vessel to its new owners on July 7, 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 22, 2012, we entered into an agreement with a third party in order to sell <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon, </font>together with a quantity of 667 metric tons of fuel oil, for a contracted price of $9.13 million less address commission of 3% and brokerage commission of 2%.&#160;&#160;The vessel was delivered to its purchasers on March 9, 2012. In connection with the sale of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon, </font>and in accordance with terms of the $64.5 million loan facility with HSH, on March 7, 2012 we repaid $7.36 million of the outstanding borrowings under that loan facility and the mortgage over the vessel was released<font style="FONT-STYLE: italic; DISPLAY: inline">.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 14, 2013, we entered into an agreement with a third party to sell <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma </font>for a contracted price of $9.0 million less commission of $5% and we expect to deliver the vessel to its purchasers in April 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Other Significant Transactions</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 20, 2011, we entered into a term loan agreement with Credit Agricole Corporate and Investment Bank for up to $70.0 million to partially finance the construction of our two Newbuildings, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font>, which were delivered to us in 2011. The total amount that was drawn down upon the delivery of each vessel totaled $67.275 million. Please see "Item 5. Operating and Financial Review and Prospects &#8211; Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 21, 2011, we entered into a $31.0 million senior secured credit facility with ABN AMRO Bank N.V. to partially finance the purchase of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega.&#160;&#160;</font>As of December 31, 2011, the total amount of this loan facility has been drawn down.&#160;&#160;Please see "Item 5. Operating and Financial Review and Prospects &#8211; Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 22, 2011, we offered and sold 1,113,334 common shares in an underwritten public offering.&#160;&#160;This offering was priced at $27.00 per share, less underwriting discounts, which resulted in net proceeds to us before expenses of approximately $28.8 million.&#160;&#160;We used the net proceeds from this offering to fund a portion of the aggregate purchase price of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega, </font>and for general corporate purposes.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On August 10, 2011, our Board of Directors reinstated our share repurchase plan to acquire up to a maximum of $3.0 million of our common shares at a maximum price of $19.50 per share. On November 9, 2011, our Board of Directors extended the duration of the share repurchase plan until December 31, 2012. All shares to be purchased under the plan shall be in the sole discretion of our Board of Directors and in compliance with the plan.&#160;&#160;In addition, the repurchased common shares shall be cancelled, and removed from our share capital and returned to our authorized unissued common shares. No shares were repurchased during the year ended December 31, 2011. During the year ended December 31, 2012, we repurchased an aggregate of 61,730 common shares at an average price of $13.94 per share and have $2.1 million of remaining capacity under the plan.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 3, 2011, we entered a new $64.5 million secured term loan agreement with HSH Nordbank, which has up to a five year term and bears interest at LIBOR plus margin.&#160;&#160;The borrowings under this loan agreement together with $5.3 million of own cash were used to repay in full the outstanding borrowings under our two loan facilities with Piraeus Bank. Please see "Item 5. Operating and Financial Review and Prospects &#8211; Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 4, 2012, we entered an agreement with Pacific Bulk to accept the early redelivery to us of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma </font>on December 31, 2011 in exchange for an aggregate of $6.454 million consisting of a cash payment of $5.734 million and 1,027 metric tons of fuel valued at $0.720 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 27, 2012, Star Bulk S.A. entered into an agreement with Maiden Voyage LLC, a Marshall Islands company, for the commercial and technical management of the&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Maiden Voyage</font>, a 2012 built Supramax dry bulk carrier. Pursuant to the terms of this management agreement, we will receive a fixed management fee of $750 per day beginning on September 28, 2012 and until two months after the termination by either party upon written notice. This vessel will be managed under the same strategy as the other vessels in our fleet.&#160;&#160;Maiden Voyage LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by our directors, Mrs. Milena-Maria Pappas.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Effective as of the opening of trading on October 15, 2012, we affected a 15-for-1 reverse stock split of our common shares. The reverse stock split was approved by shareholders at our 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of our common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. Shareholders received cash in lieu of fractional shares and no fractional shares were issued in connection with the reverse split.&#160;&#160;On October 12, 2012, we amended and restated our articles of incorporation, which were included in a Form 6-K furnished to the Commission on October 15, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 18, 2012, Star Bulk S.A. entered into an agreement with OOCAPE1 Holdings LLC, a Marshall Islands company, for the commercial and technical management of the&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Obelix</font>, a 2011 built Capesize dry bulk carrier. Pursuant to the terms of this management agreement, we will receive a fixed management fee of $750 per day beginning on October 19, 2012 and until two months after termination by either party upon written notice. This vessel will be managed under the same strategy as the other vessels in our fleet.&#160;&#160;OOCAPE1 Holdings LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of our directors, Mrs. Milena-Maria Pappas.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 15, 2011, we received a letter from KLC, a prior charterer of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, notifying us of the commencement of rehabilitation proceedings of KLC in Korea and the related schedule for making registered claims against KLC in those proceedings.&#160;&#160;On March 31, 2011, we filed our registered claims with the Bankruptcy Division of the Korean courts relating to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>.&#160;&#160;The rehabilitation plan was approved by the required majority vote of KLC's lenders which provided for payments in cash and in shares for a period of ten years to KLC's counterparties in relation to the unsecured claims. In addition, and with respect to the common benefit claims (secured claims), following an agreement with the joint receivers of KLC, we agreed to settle the common benefit claim of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> by way of two equal annual cash payments in the aggregate amount of $344,857, the first installment was received in October 2011 and the second installment was received in January 2013.&#160;&#160;With respect to our claims related to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, pursuant to a separate agreement with the joint receivers of KLC, the due hire which represented the common benefit claim was paid directly from sub charterers to us and the remaining due hire representing unsecured claims is expected to be settled pursuant to the approved rehabilitation plan. As per rehabilitation plan, on December 31, 2012 we received the amounts of $12,055 and $740 representing the annual payment of the rehabilitation plan of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamm</font>a and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, respectively. On November 19, 2012, we received 46,007 shares of KLC as part of the rehabilitation plan described above, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to approximately $144,000.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 2012, we agreed in principle with all of our lenders to amend the terms of the current loan agreements subject to the&#160;negotiation and execution of definitive documentation by us and the lenders. The amended terms include, among other things, the deferral of up to approximately&#160;$24.0 million from the installments payable until 2015 and the waiver or amendment of certain of the existing financial covenants.&#160;&#160;Please see "Item 5. Operating and Financial Review and Prospects &#8211; Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In February 2012, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris </font>sustained bottom damage when entering the port of Eregli in Turkey; the vessel proceeded for permanent repairs to a shipyard, which resulted in an off-hire period of 49 days. Our insurers have reimbursed us for $1.5 million of expenditures related to repairs under our hull and machinery policies. We are continuing to seek reimbursement for an additional $0.06 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In June 2012, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font> had a main engine failure in Korea, which resulted in an off-hire period of 142 days. Our insurers have reimbursed us for $4.9 million of expenditures related to repairs under our hull and machinery policies.&#160;&#160;We are continuing to seek reimbursement for an additional $3.5 million</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Business overview</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Introduction</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are an international company providing worldwide transportation of drybulk commodities through our vessel-owning subsidiaries for a broad range of customers of major and minor bulk cargoes including iron ore, coal, grain, cement and fertilizer. We were incorporated in the Marshall Islands on December 13, 2006 as a wholly-owned subsidiary of Star Maritime Acquisition Corp., or Star Maritime. We merged with Star Maritime on November 30, 2007 and commenced operations on December 3, 2007, which was the date we took delivery of our first vessel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our Fleet</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We own and operate a fleet of 14 vessels consisting of six Capesize drybulk carriers and eight Supramax drybulk carriers with a weighted average age of 11.0 years and a combined cargo carrying capacity of approximately 1,475,005 dwt. Our fleet carries a variety of drybulk commodities including coal, iron ore, and grains, or major bulks, as well as bauxite, phosphate, fertilizers and steel products, or minor bulks. We currently charter seven of our vessels on medium- to long-term time charters with an average remaining term of approximately 2.04 years and seven of our vessels on short-term time charters or voyage charters, these vessels considered to be employed&#160;&#160;in the spot market due to the short duration of their current charter agreements. In addition to our owned fleet, we provide commercial and technical management services to one Capesize drybulk carrier and two Supramax drybulk carriers (not included in the table below), which are minority owned and controlled by companies affiliated with one of our directors.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table presents summary information concerning our fleet as of March 18, 2013:</font></div>

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<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel Name</font></div>
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<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Type</font></div>
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<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Size</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(dwt.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Built</font></div>
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<td align="left" valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Daily Gross</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hire Rate</font></div>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Type/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Month of Contract Expiry</font></div>
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</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Aurora</font></div>
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<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Capesize</font></div>
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<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">171,199</font></div>
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<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2000</font></div>
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<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
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<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">27,500</font></div>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">July 2013</font></div>
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</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Big</font></div>
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<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Capesize</font></div>
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<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">168,404</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1996</font></div>
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<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
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<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">25,000</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">November 2015</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Borealis</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Capesize</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">179,678</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">24,750</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">July 2021</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Mega</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Capesize</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">170,631</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1994</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">24,500</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">August 2014</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Polaris (1)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Capesize</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">179,546</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">16,500</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">October 2013</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Sigma (6)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Capesize</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">184,403</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1991</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">open</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Cosmo (2)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,247</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2005</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11,250</font></div>
</td>
<td valign="top" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Expected March 2013</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Delta (2)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,434</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2000</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,500</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">March 2013</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Epsilon (2)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,402</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2001</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19,500</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">April 2013</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Gamma (3)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53,098</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2002</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,050</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">July 2013</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Kappa (2)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,055</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2001</font></div>
</td>
<td valign="middle" width="3%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,000 first 65 days</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,000 thereafter</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">March 2013</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Omicron (2)(4)(5)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53,489</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2005</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,800</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">May 2013</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Theta</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,425</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2003</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,900</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">October 2013</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Zeta (2)</font></div>
</td>
<td valign="middle" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supramax</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,994</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2003</font></div>
</td>
<td valign="middle" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></div>
</td>
<td valign="middle" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,250</font></div>
</td>
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter/</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">April 2013</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Our charterer has an option to extend this time charter for one year at a gross daily rate of $19,000.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">For the purposes of this Annual Report, we consider these vessels to be employed in the spot market as a result of the short duration of their current charters.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(3)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Our charterer has an option to extend this time charter for one year at a gross daily rate of $15,500.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(4)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">In addition to daily gross hire rate, we received a ballast bonus of $50,000 in connection with the repositioning of the vessel by the charterer.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(5)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The charterer has an option to redeliver the vessel in Far East; in that case the rate that will be applied for the whole period will be adjusted to $12,800 from $9,800.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(6)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">On March 14, 2013, we entered into an agreement with a third party to sell <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font>, for a contracted price of $9.0 million less a commission of 5%. The vessel is expected to be delivered to is purchaser in April 2013.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">35</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We actively manage the deployment of our fleet on time charters, which generally can last up to several years. We currently charter seven of our vessels on medium to long term time charters with an average remaining term of approximately 2.04 years, six of our vessels on short-term time charters or on voyage charters which considered to be employed in the spot market, due to the short duration of their current charters and one of our vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma,</font> which we have agreed to sell with expected delivery to its purchaser in April 2013, is open.&#160;&#160;Under time charters, the charterer pays voyage expenses such as port, canal and fuel<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>costs<font style="FONT-STYLE: italic; DISPLAY: inline">.&#160;&#160;</font>We<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>pay for vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, as well as for commissions.&#160;&#160;In both cases, we are responsible for the drydocking costs relating to each vessel. Our vessels operate worldwide within the trading limits imposed by our insurance terms and we do not operate our vessels in areas where United States, European Union or United Nations sanctions have been imposed.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Competition</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Demand for drybulk carriers fluctuates in line with the main patterns of trade of the major drybulk cargoes and varies according to changes in the supply and demand for these items. We compete with other owners of drybulk carriers in the Capesize, and Supramax size sectors. Ownership of drybulk carriers is highly fragmented and is divided among approximately 1,500 independent drybulk carrier owners. We compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an owner and operator.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our wholly owned subsidiary, Star Bulk Management arranges our charters (whether voyage charters, period time charters, bareboat charters or pools) through the use of a worldwide network of shipbrokers, who negotiate the terms of the charters based on market conditions.&#160;&#160;These shipbrokers advise Star Bulk Management on a continuous basis of the availability of cargo for any particular vessel. There may be several shipbrokers involved in any one charter. The negotiation for a charter typically begins prior to the completion of the previous charter in order to avoid any idle time. The terms of the charter are based on industry standards.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Customers</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2013, our vessels were chartered as follows: Rio Tinto for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font>, major international companies for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big, Star Mega and Star Sigma, </font>STX Panocean for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis, </font>Louis Dreyfus for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris, </font>Cargill for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma, Star Epsilon <font style="FONT-STYLE: normal">and</font> Star Epsilon, </font>Norden for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Delta</font>, S. Norton &amp; co Ltd for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, JIT International Corporation Limited for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font>, Americas Bulk Transport Ltd. for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Omicron</font>. For the year ended December 31, 2012, we derived 67% of our voyage revenues from four of our customers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Seasonality</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Demand for vessel capacity has historically exhibited seasonal variations and, as a result, fluctuations in charter rates.&#160;&#160;This seasonality may result in quarter-to-quarter volatility in our operating results for vessels trading in the spot market.&#160;&#160;The drybulk sector is typically stronger in the fall and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere.&#160;&#160;As a result, our revenues from our drybulk carriers may be weaker during the fiscal quarters ended June 30 and September 30, and, conversely, our revenues from our drybulk carriers may be stronger in fiscal quarters ended December 31 and March 31. Seasonality in the sector in which we operate could materially affect our operating results and cash available for dividends in the future.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Management of the Fleet</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, we had fifty-five employees. Fifty-three of our employees, through Star Bulk Management and Starbulk S.A., were engaged in the day to day management of the vessels in our fleet. Star Bulk Management and Starbulk S.A. perform operational and technical management services for the vessels in our fleet, including chartering, marketing, capital expenditures, personnel, accounting, paying vessel taxes and maintaining insurance.&#160;&#160;Our Chief Executive Officer and Chief Financial Officer are also the senior management of Star Bulk Management. Star Bulk Management employs such a number of additional shore-based executives and employees designed to ensure the efficient performance of its activities.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We reimburse and/or advance funds as necessary to Star Bulk Management and Starbulk S.A. in order for our managers to conduct their activities and discharge their obligations, at cost.&#160;&#160;We also maintain working capital reserves as may be agreed upon&#160;between us and Star Bulk Management from time to time.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Management is responsible for the management of the vessels. Star Bulk Management's responsibilities include, inter alia, locating, purchasing, financing and selling vessels, deciding on capital expenditures for the vessels, paying vessels' taxes, negotiating charters for the vessels, managing the mix of various types of charters, developing and managing the relationships with charterers and the operational and technical managers of the vessels. Star Bulk Management subcontracts certain vessel management services to Star Bulk S.A.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Starbulk S.A., our wholly owned subsidiary, provides the technical and crew management of all of our vessels.&#160;&#160;Technical management includes maintenance, drydocking, repairs, insurance, regulatory and classification society compliance, arranging for and managing crews, appointing technical consultants and providing technical support.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Starbulk S.A. has entered into agreements for the commercial and technical management of one Capesize drybulk carrier and two Supramax drybulk carriers.&#160;&#160;Pursuant to the terms of the management agreements, we receive a fixed management fee of $750 per day until terminated by either party upon two months prior written notice. These vessels are managed under the same strategy as the other vessels in our fleet.&#160;&#160;In addition, we are required under our amended loan agreements to expand the number of third party vessels under management to 10 vessels.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Management is responsible for recruiting, either directly or through a technical manager or a crew manager, the senior officers and all other crew members for the vessels in our fleet.&#160;&#160;Star Bulk Management has the responsibility to ensure that all seamen have the qualifications and licenses required to comply with international regulations and shipping conventions, and that the vessels are manned by experienced and competent and trained personnel. Star Bulk Management is also responsible for insuring that seafarers' wages and terms of employment conform to international standards or to general collective bargaining agreements to allow unrestricted worldwide trading of the vessels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The International Drybulk Shipping Industry</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Drybulk cargo is cargo that is shipped in large quantities and can be easily stowed in a single hold with little risk of cargo damage. In 2012, based on preliminary figures, it is estimated that approximately 4.0 billion tons of drybulk cargo was transported by sea.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The demand for drybulk carrier capacity is derived from the underlying demand for commodities transported in drybulk carriers, which is influenced various factors such as globalization trends, geological structure, political factors, and weather. The demand for drybulk carriers is determined by the volume and geographical distribution of seaborne drybulk trade, which in turn is influenced by general trends in the global economy and factors affecting demand for commodities. During the 1980s and 1990s seaborne drybulk trade increased by 1-2% per annum. However, over the last decade, between 2003 and 2012, seaborne drybulk trade increased at a compound annual growth rate of 6.0%. The global drybulk carrier fleet may be divided into four categories based on a vessel's carrying capacity.&#160;&#160;These categories consist of:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Panamax vessels have a carrying capacity of between 60,000 and 85,000 dwt. These vessels carry coal, grains, and, to a lesser extent, minor bulks, including steel products, forest products and fertilizers. Panamax vessels are able to pass through the Panama Canal making them more versatile than larger vessels.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Handymax vessels have a carrying capacity of between 35,000 and 60,000 dwt. The subcategory of vessels that have a carrying capacity of between 45,000 and 60,000 dwt are called Supramax. These vessels operate along a large number of geographically dispersed global trade routes mainly carrying grains and minor bulks. Vessels below 60,000 dwt are sometimes built with on-board cranes enabling them to load and discharge cargo in countries and ports with limited infrastructure.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Handysize vessels have a carrying capacity of up to 35,000 dwt. These vessels carry exclusively minor bulk cargo. Increasingly, these vessels have operated along regional trading routes. Handysize vessels are well suited for small ports with length and draft restrictions that may lack the infrastructure for cargo loading and unloading.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The supply of drybulk carriers is dependent on the delivery of new vessels and the removal of vessels from the global fleet, either through scrapping or loss.&#160; As of February 1, 2013, the global drybulk carrier orderbook amounted to 130.8 million dwt, or 19.1% of the existing fleet at that time, with most vessels on the orderbook expected to be delivered within 18 months. The level of scrapping activity is generally a function of scrapping prices in relation to current and prospective charter market conditions, as well as operating, repair and survey costs. Drybulk carriers at or over 25 years old are considered to be scrapping candidate vessels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Charterhire Rates</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Charterhire rates paid for drybulk carriers are primarily a function of the underlying balance between vessel supply and demand, although at times other factors may play a role. Furthermore, the pattern seen in charter rates is broadly mirrored across the different charter types and between the different drybulk carrier categories. However, because demand for larger drybulk carriers is affected by the volume and pattern of trade in a relatively small number of commodities, charterhire rates (and vessel values) of larger ships tend to be more volatile than those for smaller vessels.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Voyages with a load port within a region that includes ports where vessels usually discharge cargo or a discharge port within a region with ports where vessels load cargo also are generally quoted at lower rates, because such voyages generally increase vessel utilization by reducing the unloaded portion (or ballast leg) that is included in the calculation of the return charter to a loading area.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Within the drybulk shipping industry, the charterhire rate references most likely to be monitored are the freight rate indices issued by the Baltic Exchange, such as BDI. These references are based on actual charterhire rates under charter entered into by market participants, as well as daily assessments provided to the Baltic Exchange by a panel of major shipbrokers. The Baltic Panamax Index is the index with the longest history. The Baltic Capesize Index and Baltic Handymax Index are of more recent origin.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The &#160;&#160;drybulk shipping industry is cyclical with attendant volatility in charterhire rates and profitability. The degree of charterhire rate volatility among different types of drybulk carriers varies widely, however, the abrupt and dramatic downturn in the drybulk charter market has severely affected the entire drybulk shipping industry.&#160; The Baltic Dry Index, an index published by The Baltic Exchange of shipping rates for 20 key drybulk routes, fell 94% from a peak of 11,793 in May 2008 to a low of 663 in December 2008 and remained volatile during 2009, reaching a low of 772 on January 5, 2009 and a high of 4,661 on November 19, 2009. The BDI continued its volatility in 2010, increasing from 3,235 in January 2010 to a high of 4,209 in May 2010 before subsequently decreasing to a low of 1,700 in July 2010. Following a short period of increase in the third quarter of 2010, the BDI fell to near July 2010 levels by the end of 2010. The BDI further decreased in 2011 to 1,043 in February 2011 and has continued to decline in the beginning of 2012 to 753.&#160;&#160;During 2012, the BDI increased to a high of 1,165 as of May 8, 2012 and was at&#160;899 as of March 18, 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Newbuilding prices are determined by a number of factors, including the underlying balance between shipyard output and capacity, raw material costs, freight markets and sometimes exchange rates. In the last few years high levels of new ordering were recorded across all sectors of shipping. As a result, most of the major shipyards in Japan, South Korea and China had full order books until the end of 2013, although the downturn in freight rates and the lack of funding due to the wider global financial crisis has led, and is expected to continue to lead to some of these orders being cancelled or delayed.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Newbuilding prices have increased significantly since 2003, due to tightness in shipyard capacity, high steel prices, rising labor cost, high levels of new ordering and stronger freight rates. However, with the sudden and steep decline in freight rates after August 2008 and lack of new vessel ordering, newbuilding vessel values entered a downward trend and have continued to gradually decline. In the secondhand market, the steep increase in newbuilding prices and the strength of the charter market have also affected values, to the extent that prices rose sharply in 2004/2005, before dipping in the early part of 2006, only to rise thereafter to new highs in the first half of 2008. However, the sudden and sharp downturn in freight rates since August 2008 has also had a very negative impact on secondhand values. Currently newbuilding and secondhand values are well below the lows reached during 2008.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements may entail significant expense, including vessel modifications and implementation of certain operating procedures.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard, harbor master or equivalent), classification societies; flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or temporarily suspend the operation of one or more of our vessels.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We believe that the heightened level of environmental and quality concerns among insurance underwriters, regulators and charterers is leading to greater inspection and safety requirements on all vessels and may accelerate the scrapping of older vessels throughout the industry. Increasing environmental concerns have created a demand for vessels that conform to the stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations are frequently changed and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact, such as the 2010 BP plc <font style="FONT-STYLE: italic; DISPLAY: inline">Deepwater Horizon</font> oil spill in the Gulf of Mexico, could result in additional legislation or regulations that could negatively affect our profitability.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">International Maritime Organization</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by ships, or the IMO, has adopted the International Convention for the Prevention of Marine Pollution from Ships, 1973, as modified by the related Protocol of 1978 relating thereto, which has been updated through various amendments (collectively, "MARPOL"). MARPOL entered into force on October 2, 1983.&#160;&#160;It has been adopted by over 150 nations, including many of the jurisdictions in which our vessels operate.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">MARPOL is broken into six Annexes, each of which regulates a different source of pollution.&#160;&#160;Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried, in bulk, in liquid or packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions.&#160;&#160;Annex VI was separately adopted by the IMO in September of 1997.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Air Emissions</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution.&#160;&#160;Effective May 2005, Annex VI sets limits on nitrogen oxide emissions from ships whose diesel engines were constructed (or underwent major conversions) on or after January 1, 2000.&#160;&#160;It also prohibits "deliberate emissions" of "ozone depleting substances," defined to include certain halons and chlorofluorocarbons. "Deliberate emissions" are not limited to times when the ship is at sea; they can for example include discharges occurring in the course of the ship's repair and maintenance.&#160;&#160;Emissions of "volatile organic compounds" from certain tankers, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls (PCBs)) are also prohibited.&#160;&#160;Annex VI also includes a global cap on the sulfur content of fuel oil (see below).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The IMO's Maritime Environment Protection Committee, or MEPC, adopted amendments to Annex VI on October 10, 2008, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulphur contained in any fuel oil used on board ships.&#160;&#160;As of January 1, 2012, the amended Annex VI requires that fuel oil contain no more than 3.50% sulfur (from the previous cap of 4.50%).&#160;&#160;By January 1, 2020, sulfur content must not exceed 0.50%, subject to a feasibility review to be completed no later than 2018.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Sulfur content standards are even stricter within certain "Emission Control Areas" ("ECAs").&#160;&#160;By July 1, 2010, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 1.0% (from 1.50%), which will be further reduced to 0.10% on January 1, 2015.&#160;&#160;Amended Annex VI establishes procedures for designating new ECAs.&#160;&#160;Currently, the Baltic Sea and the North Sea have been so designated.&#160;&#160;Effective August 1, 2012, certain coastal areas of North America were designated ECAs, as will the applicable areas of the United States Caribbean Sea, effective January 1, 2014.&#160;&#160;If other ECAs are approved by the IMO or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the EPA or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of January 1, 2013 MARPOL made mandatory certain measures relating to energy efficiency for ships. This included the requirement that all new ships utilize the Energy Efficiency Design Index (EEDI) and all ships use the Ship Energy Management Plan (SEEMP).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for new marine engines, depending on their date of installation. The U.S. Environmental Protection Agency promulgated equivalent (and in some senses stricter) emissions standards in late 2009.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We believe that all our vessels are currently compliant in all material respects with these regulations. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Safety Management System Requirements</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The IMO has also adopted the International Convention for the Safety of Life at Sea, or SOLAS and the International Convention on Load Lines, or the LL Convention, which impose a variety of standards that regulate the design and operational features of ships. The IMO periodically revises the SOLAS and LL Convention standards. The Convention on Limitation of Liability for Maritime Claims (LLMC) was recently amended and the amendments are expected to go into effect on June 8, 2015. The amendments alter the limits of liability for loss of life or personal injury claims and property claims against ship owners. We believe that all our vessels are in substantial compliance with SOLAS and LL Convention standards.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under Chapter IX of SOLAS, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, our operations are also subject to environmental standards and requirements. The ISM Code requires the owner of a vessel, or any person who has taken responsibility for operation of a vessel, to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical manager have developed for compliance with the ISM Code. The failure of a ship owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by classification societies under the authority of each flag state, under the ISM Code. Starbulk S.A. has obtained documents of compliance for their offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance, or the DOC, and safety management certificate, or the SMC, are renewed every five years, but the DOC is subject to audit verification annually and the SMC at least every 2.5 years.&#160;&#160;As of the date of this filing, each of our vessels is ISM code-certified.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The IMO has negotiated international conventions that impose liability for oil pollution in international waters and the territorial waters of the signatory to such conventions. For example, IMO adopted an International Convention for the Control and Management of Ships' Ballast Water and Sediments, or the BWM Convention, in February 2004. The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits. The BWM Convention will not become effective until 12 months after it has been adopted by 30 states, the combined merchant fleets of which represent not less than 35% of the gross tonnage of the world's merchant shipping. To date, there has not been sufficient adoption of this standard for it to take force.&#160;&#160;However, Panama may adopt this standard in the relatively near future, which would be sufficient for it to take force. Upon entry into force of the BWM Convention, mid-ocean ballast exchange would be mandatory for our vessels. In addition, our vessels would be required to be equipped with a ballast water treatment system that meets mandatory concentration limits not later than the first intermediate or renewal survey, whichever occurs first, after the anniversary date of delivery of the vessel in 2014, for vessels with ballast water capacity of 1,500-5,000 cubic meters, or after such date in 2016, for vessels with ballast water capacity of greater than 5,000 cubic meters. If mid-ocean ballast exchange or ballast water treatment requirements become mandatory, the cost of compliance could increase for ocean carriers. Although we do not believe that the costs of compliance with a mandatory mid-ocean ballast exchange would be material, it is difficult to predict the overall impact of such a requirement on our operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Many countries have ratified and follow the liability plan adopted by the IMO and set out in the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocol in 1976, 1984, and 1992, and amended in 2000, or the CLC. Under this convention and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel's registered owner is strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability, expressed using the International Monetary Fund currency unit of Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the ship owner's actual fault and under the 1992 Protocol where the spill is caused by the ship owner's intentional or reckless act or omission where the ship owner knew pollution damage would probably result. The CLC requires ships covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We believe that our protection and indemnity insurance will cover the liability under the plan adopted by the IMO.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The IMO adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on ship owners for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the Convention on Limitation of Liability for Maritime Claims of 1976, as amended). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship's bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Compliance Enforcement</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The flag state, as defined by the United Nations Convention on Law of the Sea, has overall responsibility for implementing and enforcing a broad range of international maritime regulations with respect to all ships granted the right to fly its flag. The "Shipping Industry Guidelines on Flag State Performance" evaluates and reports on flag states based on factors such as sufficiency of infrastructure, ratification, implementation, and enforcement of principal international maritime treaties and regulations, supervision of statutory ship surveys, casualty investigations and participation at IMO and ILO meetings. All of our vessels are flagged in the Marshall Islands. Marshall Islands flagged vessels have historically received a good assessment in the shipping industry. We recognize the importance of a credible flag state and do not intend to use flags of convenience or flag states with poor performance indicators. Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The U.S. Coast Guard and European Union authorities have indicated that vessels not in compliance with the ISM Code by the applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificate will be maintained.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The U.S. Oil Pollution Act of 1990 and Comprehensive Environmental Response, Compensation and Liability Act</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The U.S. Oil Pollution Act of 1990, or OPA, established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all "owners and operators" whose vessels trade in the United States, its territories and possessions or whose vessels operate in United States waters, which includes the United States' territorial sea and its 200 nautical mile exclusive economic zone. The United States has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous substances other than oil, whether on land or at sea.&#160;&#160;OPA and CERCLA both define "owner and operator" in the case of a vessel as any person owning, operating or chartering by demise, the vessel.&#160;&#160;Although OPA is primarily directed at oil tankers (which are not operated by us), it also applies to non-tanker ships with respect to the fuel oil, or bunkers, used to power such ships. CERCLA also applies to our operations.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs.&#160;&#160;Effective July 31, 2009, the U.S. Coast Guard adjusted the limits of OPA liability for non-tank vessels to the greater of $1,000 per gross ton or $854,400 (subject to periodic adjustment for inflation).&#160;&#160;These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct.&#160;&#160;The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident where the responsibility party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The 2010 <font style="FONT-STYLE: italic; DISPLAY: inline">Deepwater Horizon</font> oil spill in the Gulf of Mexico may also result in additional regulatory initiatives or statutes, including the raising of liability caps under OPA.&#160;&#160;For example, on August 15, 2012, the U.S. Bureau of Safety and Economic Enforcement (BSEE) issued a final drilling safety rule for offshore oil and gas operations that strengthens the requirements for safety equipment, well control systems, and blowout prevention practices.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damage for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing same, and health assessments or health effects studies.&#160;&#160;There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">OPA and CERCLA both require owners and operators of vessels to establish and maintain with the U.S. Coast Guard evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We plan to comply with the U.S. Coast Guard's financial responsibility regulations by providing a certificate of responsibility evidencing sufficient self-insurance.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We currently maintain pollution liability coverage insurance in the amount of $1.0 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage it could have an adverse effect on our business and results of operation.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA.&#160;&#160;Some states have enacted legislation providing for unlimited liability for oil spills. In some cases, states, which have enacted such legislation, have not yet issued implementing regulations defining vessels owners' responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where our vessels call. We believe that we are in substantial compliance with all applicable existing state requirements. In addition, we intend to comply with all future applicable state regulations in the ports where our vessels call.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The U.S. Clean Water Act, or CWA, prohibits the discharge of oil or hazardous substances in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In addition, many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The U.S. Environmental Protection Agency, or the EPA, regulates the discharge of ballast water and other substances in U.S. waters under the CWA. EPA regulations require vessels 79 feet in length or longer (other than commercial fishing and recreational vessels) to comply with a Vessel General Permit authorizing ballast water discharges and other discharges incidental to the operation of vessels.&#160;&#160;The Vessel General Permit imposes technology and water-quality based effluent limits for certain types of discharges and establishes specific inspection, monitoring, record keeping and reporting requirements to ensure the effluent limits are met.&#160;&#160;The EPA has proposed a draft 2013 Vessel General Permit to replace the current Vessel General Permit upon its expiration on December 19, 2013, authorizing discharges incidental to operations of commercial vessels. The draft permit also contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in US waters, more stringent requirements for exhaust gas scrubbers and the use of environmentally acceptable lubricants. U.S. Coast Guard regulations adopted under the U.S. National Invasive Species Act, or NISA, also impose mandatory ballast water management practices for all vessels equipped with ballast water tanks entering or operating in U.S. waters, and the Coast Guard has proposed new ballast water management standards and practices, including limits regarding ballast water releases. As of June 21, 2012, the U.S. Coast Guard implemented revised regulations on ballast water management by establishing standards on the allowable concentration of living organisms in ballast water discharged from ships in U.S. waters. The revised ballast water standards are consistent with those adopted by the IMO in 2004. Compliance with the EPA and the U.S. Coast Guard regulations could require the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The U.S. Clean Air Act of 1970, as amended by the Clean Air Act Amendments of 1977 and 1990, or the CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas. Our vessels that operate in such port areas with restricted cargoes are equipped with vapor recovery systems that satisfy these requirements. The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards in primarily major metropolitan and/or industrial areas. Several SIPs regulate emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment. As indicated above, our vessels operating in covered port areas are already equipped with vapor recovery systems that satisfy these existing requirements.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">However, compliance with future EPA and U.S. Coast Guard regulations could require the installation of certain engineering equipment and water treatment systems to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties.&#160;&#160;Member States were required to enact laws or regulations to comply with the directive by the end of 2010.&#160;&#160;Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims.&#160;&#160;The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions. On January 1, 2013 two new sets of mandatory requirements to address greenhouse gas emissions from ships, which were adopted by MEPC in July 2011, entered into force. Currently, operating ships are required to develop SEEMPs, and minimum energy efficiency levels per capacity mile will apply to new ships. These requirements could cause us to incur additional compliance costs. The IMO is planning to implement market-based mechanisms to reduce greenhouse gas emissions from ships at an upcoming MEPC session. The European Union has indicated that it intends to propose an expansion of the existing European Union emissions trading scheme to include emissions of greenhouse gases from marine vessels. In the United States, the EPA has issued a finding that greenhouse gases endanger the public health and safety and has adopted regulations to limit greenhouse gas emissions from certain mobile sources and large stationary sources. Although the mobile source emissions regulations do not apply to greenhouse gas emissions from vessels, the EPA is considering a petition from the California Attorney General and environmental groups to regulate greenhouse gas emissions from ocean-going vessels. Any passage of climate control legislation or other regulatory initiatives by the IMO, European Union, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol, that restrict emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The International Labour Organization (ILO) is a specialized agency of the UN with headquarters in Geneva, Switzerland. The ILO has adopted the Maritime Labor Convention 2006 (MLC 2006). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance will be required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade. The MLC 2006 will enter into force one year after 30 countries with a minimum of 33% of the world's tonnage have ratified it. On August 20, 2012, the required number of countries was met and MLC 2006 is expected to come into force on August 20, 2013. The ratification of MLC 2006 will require us to develop new procedures to ensure full compliance with these results.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel Security Regulations</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Since the terrorist attacks of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security. On November 25, 2002, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, came into effect. To implement certain portions of the MTSA, in July 2003, the U.S. Coast Guard issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States. The regulations also impose requirements on certain ports and facilities, some of which are regulated by the EPA.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Similarly, in December 2002, amendments to SOLAS created a new chapter of the convention dealing specifically with maritime security. The new Chapter V became effective in July 2004 and imposes various detailed security obligations on vessels and port authorities, and mandates compliance with the International Ship and Port Facility Security Code, or the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. After July 1, 2004, to trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel's flag state. Among the various requirements are:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">a continuous synopsis record kept onboard showing a vessel's history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The U.S. Coast Guard regulations, intended to align with international maritime security standards, exempt from MTSA vessel security measures non-U.S. vessels provided such vessels have on board a valid ISSC that attests to the vessel's compliance with SOLAS security requirements and the ISPS Code. Our managers intend to implement the various security measures addressed by MTSA, SOLAS and the ISPS Code, and we intend that our fleet will comply with applicable security requirements. We have implemented the various security measures addressed by the MTSA, SOLAS and the ISPS Code.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Every oceangoing vessel must be "classed" by a classification society. The classification society certifies that the vessel is "in class", signifying that the vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the vessel's country of registry and the international conventions of which that country is a member. In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Annual Surveys</font>. For seagoing ships, annual surveys are conducted for the hull and the machinery, including the electrical plant and where applicable for special equipment classed, at intervals of 12 months from the date of commencement of the class period indicated in the certificate.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Class Renewal Surveys</font>. Class renewal surveys, also known as special surveys, are carried out for the ship's hull, machinery, including the electrical plant, and for any special equipment classed, at the intervals indicated by the character of classification for the hull. At the special survey the vessel is thoroughly examined, including audio-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than class requirements, the classification society would prescribe steel renewals. The classification society may grant a one-year grace period for completion of the special survey. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear. In lieu of the special survey every four or five years, depending on whether a grace period was granted, a ship owner has the option of arranging with the classification society for the vessel's hull or machinery to be on a continuous survey cycle, in which every part of the vessel would be surveyed within a five-year cycle. Upon a ship owner's request, the surveys required for class renewal may be split according to an agreed schedule to extend over the entire period of class. This process is referred to as continuous class renewal.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All areas subject to survey as defined by the classification society are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere. The period between two subsequent surveys of each area must not exceed five years. Vessels under five years of age can waive drydocking in order to increase available days and decrease capital expenditures, provided the vessel is inspected underwater.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Most vessels are also drydocked every 30 to 36 months for inspection of the underwater parts and for repairs related to inspections. If any defects are found, the classification surveyor will issue a "recommendation" which must be rectified by the ship owner within prescribed time limits.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Most insurance underwriters make it a condition for insurance coverage that a vessel be certified as "in class" by a classification society which is a member of the International Association of Classification Societies (the IACS).&#160;&#160;In 2012, the IACS issued draft harmonized Common Structure Rules, that align with the IMO goals standards, and they are expected to be adopted in winter 2013. All our vessels are certified as being "in class" by RINA, ABS and NKK, major classification societies. All new and secondhand vessels that we purchase must be certified prior to their delivery under our standard purchase contracts and memorandum of agreement. If the vessel is not certified on the date of closing, we have no obligation to take delivery of the vessel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Risk of Loss and Liability Insurance</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The operation of any drybulk vessel includes risks such as mechanical and structural failure, hull damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental incidents, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon owners, operators and demise charterers of vessels trading in the United States exclusive economic zone for certain oil pollution accidents in the United States, has made liability insurance more expensive for ship owners and operators trading in the United States market.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We maintain hull and machinery insurance, war risks insurance, protection and indemnity cover, and freight, demurrage and defense cover for our fleet in amounts that we believe to be prudent to cover normal risks in our operations. However, we may not be able to achieve or maintain this level of coverage throughout a vessel's useful life. Furthermore, while we believe that the insurance coverage that we will obtain is adequate, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Hull &amp; Machinery and War Risks Insurance</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We maintain marine hull and machinery and war risks insurance, which include the risk of actual or constructive total loss, for all of our vessels. Our vessels are each covered up to at least fair market value with deductibles of $100,000&#8212;$150,000 per vessel per incident. We also maintain increased value coverage for most of our vessels. Under this increased value coverage, in the event of total loss of a vessel, we will be able to recover the sum insured under the increased value policy in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess liabilities which are not recoverable under our hull and machinery policy by reason of under insurance.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Protection and Indemnity Insurance</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&amp;I Associations, which insure liabilities to third parties in connection with our shipping activities. This includes third-party liability and other related expenses resulting from the injury or death of crew, passengers and other third parties, the loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Our P&amp;I coverage is subject to and in accordance with the rules of the P&amp;I Association in which the vessel is entered. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or "clubs." Our coverage is limited to approximately $6.5 billion, except for pollution which is limited $1 billion and passenger and crew which is limited to $3 billion.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The thirteen P&amp;I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. Each P&amp;I Association has capped its exposure to this pooling agreement at $6.5 billion. As a member of a P&amp;I Association which is a member of the International Group, we are subject to calls payable to the associations based on the group's claim records as well as the claim records of all other members of the individual associations and members of the pool of P&amp;I Associations comprising the International Group.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel's crew and the age of a vessel. We have been able to obtain all permits, licenses and certificates currently required to permit our vessels to operate. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of us doing business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, we are the sole owner of all of the outstanding shares of the subsidiaries listed in Note 1 of our consolidated financial statements under Item 18. "Financial Statements."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We do not own any real property. Our interests in the vessels in our fleet are our only material properties. See Item 4. "Information on the Company&#8212;Our Fleet."</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operating and Financial Review and Prospects</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Overview</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following management's discussion and analysis of financial condition and results of operations should be read in conjunction with "Item 3. Key Information &#8211; Selected Financial Data", "Item 4. Information on the Company" and our historical consolidated financial statements and accompanying notes included elsewhere in this report. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth in the section entitled "Risk Factors" and elsewhere in this report.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are an international company providing worldwide transportation solutions in the drybulk sector through our vessels-owning subsidiaries for a broad range of customers of major and minor bulk cargoes including iron ore, coal, grain, cement, and fertilizer, along worldwide shipping routes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Factors Affecting Our Results of Operations</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We currently&#160;employ seven of our vessels on medium to long-term time charters with an average remaining term of approximately 2.04 years, and we employ seven of our vessels on short-term time charters or voyage charters; which we&#160;consider to be employed in the spot market due to the short duration of their current charter agreements.&#160;&#160;Under our time charters, the charterer typically pays us a fixed daily charterhire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and canal charges. We remain responsible for paying the chartered vessel's operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, and we also pay commissions to affiliated and unaffiliated ship brokers and to in-house brokers associated with the charterer for the arrangement of the relevant charter. In addition, we are also responsible for the drydocking costs related to our vessels. During 2013, two of our Capesize vessels and three of our Supramax vessels are scheduled to undergo their routine drydocking surveys.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, we had a contract of affreightment, or COA, to transport approximately 1.35 million metric tons of iron ore between Brazil and China for Vale International S.A., or Vale, which was completed in February of 2012.&#160;&#160;COAs relate to the carriage of multiple cargoes over the same route and enables the COA holder to nominate different ships to perform individual voyages. Essentially, it constitutes a number of voyage charters to carry a specified amount of cargo during the term of the COA, which usually spans a number of years. All of the vessel's operating, voyage and capital costs are borne by the ship owner. The freight rate is generally set on a per cargo ton basis.&#160;&#160;Although six of our vessels in our fleet are employed on medium- to long-term time charters ranging from two to ten years, we may employ these and our other vessels under COAs, bareboat charters, in the spot market or in drybulk carrier pools in the future.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Following the 15-for-1 reverse stock split effected on October 15, 2012, pursuant to which every fifteen common shares issued and outstanding were converted into one common share, all share and per share amounts disclosed in this Annual Report, including our consolidated financial statements included at the end of this Annual Report, have been retroactively updated to reflect this change in capital structure.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We believe that the important measures for analyzing trends in the results of operations consist of the following:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Average number of vessels</font> is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Ownership days</font> are the total calendar days each vessel in the fleet was owned by us for the relevant period.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Available days </font>for the fleet are the ownership days after subtracting for off-hire days as a result of major repairs, dry-docking or special or intermediate surveys.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Voyage days </font>are the total days the vessels were in our possession for the relevant period after subtracting all off-hire days incurred for any reason (including off-hire for drydocking, major repairs, special or intermediate surveys).</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fleet utilization</font> is calculated by dividing voyage days by available days for the relevant period and takes into account the dry-docking periods.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table reflects our voyage days, ownership days, fleet utilization and TCE rates for the periods indicated:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(TCE rates expressed in U.S. dollars)</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">December</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">31, 2010</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">December</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">31, 2011</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">December</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">31, 2012</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Average number of vessels</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Number of vessels in operation (as of the last day of the periods reported)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Average age of operational fleet (in years)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Ownership days</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,945</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,475</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,192</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Available days</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,847</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,377</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,875</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage days for fleet</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,829</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,708</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Fleet Utilization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Time charter equivalent rate</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">26,859</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19,989</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div align="left">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Time Charter Equivalent (TCE)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Time charter equivalent rate, <font style="FONT-STYLE: normal">or</font> TCE rate</font>, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE rate is determined by dividing voyage revenues (net of voyage expenses and amortization of fair value of above/below market acquired time charter agreements) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts.&#160;&#160;We included below TCE revenues, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with voyage revenues, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Investors also consider TCE rate in order to compare our Company's earnings performance with our peer group of companies. Our calculation of TCE may not be comparable to that reported by other companies.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">52</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table reflects the calculation of our TCE rates and reconciliation of TCE revenue to voyage revenue as reflected in the consolidated statement of operations:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(<font style="FONT-STYLE: italic; DISPLAY: inline">In thousands of U.S. Dollars, except as otherwise stated)</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">December</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">31, 2010</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">December</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">31, 2011</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">December</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">31, 2012</font></font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">121,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">106,912</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">85,684</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Less:</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(16,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(22,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(19,598</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Amortization of fair value of below/above market acquired time charter agreements</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,369</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Time Charter equivalent revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">86,670</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage days for fleet</font></div>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,336</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,708</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">15,390</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Voyage Revenues</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Voyage revenues are driven primarily by the number of vessels in our fleet, the number of voyage days and the amount of daily charterhire, or time charter equivalent, that our vessels earn under period charters, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in drydock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of supply and demand in the seaborne transportation market and other factors affecting spot market charter rates for vessels.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Vessels operating on time charters for a certain period of time provide more predictable cash flows over that period of time, but can yield lower profit margins than vessels operating in the spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market generate revenues that are less predictable but may enable us to capture increased profit margins during periods of improvements in charter rates although we would be exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance. If we employ vessels on period time charters, future spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel Voyage Expenses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Voyage expenses include hire paid for chartered-in vessels, port and canal charges, fuel (bunker) expenses and brokerage commissions payable to related and third parties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our voyage expenses primarily consist of hire paid for chartered-in vessels and commissions paid for the chartering of our vessels.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel Operating Expenses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market prices for crew wages, bunkers and insurance, may also cause these expenses to increase. Technical vessel managers established an operating expense budget for each vessel and perform the day-to-day management of the vessels. Star Bulk Management monitors the performance of each of the technical vessel managers by comparing actual vessel operating expenses with the operating expense budget for each vessel. We are responsible for the costs of any deviations from the budgeted amounts.</font></div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">53</font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Depreciation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We depreciate our vessels on a straight-line basis over their estimated useful lives determined to be 25 years from the date of their initial delivery from the shipyard. Depreciation is calculated based on a vessel's cost less the estimated residual value.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">General and Administrative Expenses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We incur general and administrative expenses, including our onshore personnel related expenses, legal and accounting expenses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Interest and Finance Costs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We incur interest expenses and financing costs in connection with vessel-specific debt relating to the acquisition of our vessels. We defer financing fees and expenses incurred upon entering into our credit facility and amortize them to interest and financing costs over the term of the underlying obligation using the effective interest method.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Interest income</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We earn interest income on our cash deposits with our lenders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Inflation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Inflation does not have a material effect on our expenses given current economic conditions. In the event that significant global inflationary pressures appear, these pressures would increase our operating, voyage, administrative and financing costs.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Foreign Exchange Fluctuations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Special or Intermediate Survey and Drydocking Costs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We utilize the direct expense method, under which we expense all drydocking costs as incurred.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Lack of Historical Operating Data for Vessels before Their Acquisition by Us</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Consistent with shipping industry practice, other than inspection of the physical condition of the vessels and examinations of classification society records, there is no historical financial due diligence process when we acquire vessels. Accordingly, we do not obtain the historical operating data for the vessels from the sellers because that information is not material to our decision to make vessel acquisitions, nor do we believe it would be helpful to potential investors in our stock in assessing our business or profitability. Most vessels are sold under a standardized agreement, which, among other things, provides the buyer with the right to inspect the vessel and the vessel's classification society records. The standard agreement does not give the buyer the right to inspect, or receive copies of, the historical operating data of the vessel. Prior to the delivery of a purchased vessel, the seller typically removes from the vessel all records, including past financial records and accounts related to the vessel. In addition, the technical management agreement between the seller's technical manager and the seller is automatically terminated and the vessel's trading certificates are revoked by its flag state following a change in ownership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Consistent with shipping industry practice, we treat the acquisition of a vessel (whether acquired with or without charter) as the acquisition of an asset rather than a business, which we believe to be in accordance with applicable U.S. GAAP and Commission rules. Where a vessel has been under a voyage charter, the vessel is delivered to the buyer free of charter, and it is rare in the shipping industry for the last charterer of the vessel in the hands of the seller to continue as the first charterer of the vessel in the hands of the buyer. All of the vessels in our current fleet have been acquired with time charters attached, with the exception of<font style="FONT-STYLE: italic; DISPLAY: inline"> Star Sigma, Star Aurora,</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Star Omicron, Star Borealis </font>and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris.</font> In most cases, when a vessel is under time charter and the buyer wishes to assume that charter, the vessel cannot be acquired without the charterer's consent and the buyer entering into a separate direct agreement (called a "novation agreement") with the charterer to assume the charter. The purchase of a vessel itself does not transfer the charter because it is a separate service agreement between the vessel owner and the charterer.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Where we identify any intangible assets or liabilities associated with the acquisition of a vessel, we allocate the purchase price of acquired tangible and intangible assets based on their relative fair values. Where we have assumed an existing charter obligation or entered into a time charter with the existing charterer in connection with the purchase of a vessel with the time charter agreement at charter rates that are less than market charter rates, we record a liability, based on the difference between the assumed charter agreement rate and the market charter rate for an equivalent charter agreement. Conversely, where we assume an existing charter obligation or enter into a time charter with the existing charterer in connection with the purchase of a vessel with the charter agreement at charter rates that are above prevailing market charter rates, we record an asset, based on the difference between the market charter rate and the assumed contracted charter rate for an equivalent vessel. This determination is made at the time the vessel is delivered to us, and such assets and liabilities are amortized to revenue over the remaining period of the charter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">When we purchase a vessel and assume or renegotiate a related time charter, we must take the following steps before the vessel will be ready to commence operations:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">obtain the charterer's consent to us as the new owner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">obtain the charterer's consent to a new technical manager;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">in some cases, obtain the charterer's consent to a new flag for the vessel;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">arrange for a new crew for the vessel, and where the vessel is on charter, in some cases, the crew must be approved by the charterer;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">replace all hired equipment on board, such as gas cylinders and communication equipment;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">negotiate and enter into new insurance contracts for the vessel through our own insurance brokers;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">implement a new planned maintenance program for the vessel; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state.</font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following discussion is intended to help you understand how acquisitions of vessels affect our business and results of operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our business is comprised of the following main elements:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">employment and operation of our drybulk vessels; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">management of the financial, general and administrative elements involved in the conduct of our business and ownership of our drybulk vessels.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The employment and operation of our vessels require the following main components:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel maintenance and repair;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">crew selection and training;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel spares and stores supply;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">contingency response planning;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">accounting;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel chartering;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel security training and security response plans (ISPS);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">obtaining ISM certification and audits for each vessel within the six months of taking over a vessel;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel hire management;</font></div>
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</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel surveying; and</font></div>
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<div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel performance monitoring.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The management of financial, general and administrative elements involved in the conduct of our business and ownership of our vessels requires the following main components:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">management of our financial resources, including banking relationships (i.e., administration of bank loans and bank accounts);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">management of our accounting system and records and financial reporting;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">administration of the legal and regulatory requirements affecting our business and assets; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">management of the relationships with our service providers and customers.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The principal factors that affect our profitability, cash flows and shareholders' return on investment include:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">rates and periods of charterhire;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">levels of vessel operating expenses;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">depreciation and amortization expenses;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">financing costs; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">fluctuations in foreign exchange rates.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Critical Accounting Policies</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We make certain estimates and judgments in connection with the preparation of our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Actual results may differ from these estimates under different assumptions or conditions.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. We have described below what we believe are the most critical accounting policies that involve a high degree of judgment and the methods of their application. For a description of all of our significant accounting policies, see Note 2 (Significant Accounting Policies) to our Financial Statements included herein for more information.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Impairment of long-lived assets: </font>We follow guidance related to Impairment or Disposal of Long-lived Assets, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, we should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.&#160;&#160;As of December 31, 2010 and 2011 and as of September 30, 2012, we performed an impairment review of our vessels due to the global economic downturn and the prevailing conditions in the shipping industry.&#160;&#160;We compared undiscounted cash flows to the carrying values for our vessels to determine if the carrying values of the assets were recoverable. The undiscounted projected net operating cash flows for each vessel are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the remaining estimated life of the vessel net of brokerage commissions, expected outflows for vessel's maintenance and vessel operating expenses. Estimates of daily time charter equivalent for the unfixed days are based on the current FFA rates, for as long as they are available and historical average rates for the period thereafter. Our management's subjective judgment is required in making assumptions that are used in forecasting future operating results used in this method.&#160;&#160;Such judgment is based on historical trends as well as future expectations regarding future charter rates, vessel operating expenses and fleet utilization that were applied over the remaining useful life of the vessel, which is assumed to be 25 years from the delivery of the vessel from the shipyard.&#160;&#160;Expected expenditures for scheduled vessels' <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">maintenance and vessels' operating expenses are based on our budgeted figures and adjusted annually for inflation rate of 3%. The estimated salvage value of the vessels is $200 per light weight ton. These estimates are consistent with the plans and forecasts used by management to conduct our business.&#160;&#160;As a result of this analysis, we determined that the carrying amount of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon </font>was not recoverable as of December 31, 2011, and an impairment loss of $62.0 million was recognized. This analysis, for each of our vessels as of September 30, 2012, indicated that the carrying amount of the entire supramax fleet and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> was not recoverable and after comparing the vessel's fair values to their carrying values, an impairment loss amounting to $303.2 million was recognized.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Vessel Acquisitions and Depreciation</font>:&#160;&#160;We record the value of our vessels at their cost (which includes acquisition costs directly attributable to the vessel and delivery expenditures, including pre-delivery expenses and expenditures made to prepare the vessel for its initial voyage) less accumulated depreciation. We depreciate our vessels on a straight-line basis over their estimated useful lives, after considering the estimated salvage value. We estimate the useful life to be 25 years from the date of initial delivery from the shipyard (secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life). We estimate the salvage value of our vessels at $200 per light weight ton.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation and extending it into later periods.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A decrease in the useful life of the vessel may occur as a result of poor vessel maintenance performed, harsh ocean going and weather conditions the vessel is subjected to, or poor quality of the shipbuilding or yard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted to end at the date such regulations preclude such vessel's further commercial use. Weak freight market rates result in owners scrapping more vessels, and scrapping them earlier in their lives due to the unattractive returns. An increase in the useful life of the vessel may occur as a result of superior vessel maintenance performed, favorable ocean going and weather conditions the vessel is subjected to, superior quality of the shipbuilding or yard, or high freight market rates, which result in owners scrapping the vessels later due to the attractive cash flows.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fair value of above/below market acquired time charter</font>:<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>We value any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered.&#160;&#160;Such intangible assets or liabilities&#160;are recognized ratably as adjustments to revenues over the remaining term of the assumed time charter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Due to early time charter terminations the remaining unamortized balances of the intangible assets and liabilities associated with such below or above market acquired time charters where recognized as "Gain on time charter agreement termination" or "Loss on time charter agreement termination" in the consolidated statements of operations for years ended December 31, 2012. Refer to note 6 of our consolidated financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">Year ended December 31, 2012 compared to the year ended December 31, 2011</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Voyage revenues</font>: Voyage revenues for the years ended December 31, 2012 and 2011, were approximately $85.7 million and $106.9 million, respectively.&#160;&#160;This decrease is mainly due to lower average TCE rates, a non-U.S. GAAP measure representing time charter equivalent daily cash rates earned from chartering of our vessels. During the year ended December 31, 2012, we earned $15,390 TCE rate per day as compared to $19,989 TCE rate per day for the year ended December 31, 2011, due to the decrease in prevailing charter rates at which our vessels were chartered. Charterhire rates were volatile in 2011 and 2012 and continue to be volatile. During 2011, the BDI went from a low of 1,043 on February 4, 2011 to a high of 2,173 on November 14, 2011. During 2012, the BDI reached a high on January 3, 2012 of 1,624 and fell to a low of 647 on February 3, 2012.&#160;&#160;<font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">On March 18, 2013, the index was at 899.</font> This decrease is primarily due to increases in vessel supply. In addition, for the year ended December 31, 2012, total voyage revenues decreased by $6.4 million due to the amortization of the fair value of above market acquired time charters compared to a decrease of $2.2 million total voyage revenues due to the amortization of the fair value of above/below market acquired time charters for the year ended December 31, 2011. Additional voyage revenues for the year ended December 31, 2012 were negatively affected by the grounding and the main engine damage of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris, </font>which resulted in an off-hire period of 191 days and a loss of revenue of $3.1 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Voyage expenses</font>: For the years ended December 31, 2012 and 2011, voyage expenses were approximately $19.6 million and $22.4 million, respectively. Consistent with drybulk industry practice, we paid broker commissions ranging from 1.25% to 5.75% of the total daily charterhire rate of each charter to ship brokers associated with the charter, depending on the number of brokers involved with arranging the charter. Voyage expenses also consist of hire paid for chartered-in vessels, port, canal and fuel costs. The expense for chartering-in third party vessels to serve shipments under the Vale COA that was completed in February 2012 amounted to $4.1 million and $18.4 million for the years ended December 31, 2012 and 2011, respectively. Excluding these expenses for chartering-in third party vessels, the increase in voyage expenses is attributable to the increase in bunker and port charges. Bunker and port charges primarily increase in periods during which vessels are employed on voyage charters because these expenses are for the account of the vessels. During the year ended December 31, 2012, our vessels were under seven voyage charter agreements, while during the year ended December 31, 2011 only one of our vessels was under one voyage charter agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Vessel operating expenses:</font> For the years ended December 31, 2012 and 2011, our vessel operating expenses were approximately $27.8 million and $25.2 million, respectively. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. The increase is mainly due to the fact that the average number of vessels that operated during the year ended December 31, 2012, increased to 14.2 compared to 12.3, during the year ended December 31, 2011. However, daily operating expenses, which are calculated by dividing operating expenses by ownerships days for the relevant period, decreased to $5,361 during the year ended December 31, 2012 compared to $5,642 for the year ended December 31, 2011, despite the increase in the average size of the vessels in our fleet by 16%. This decrease is mainly attributable to our efforts to further improve our operational efficiency.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Drydocking expenses:</font> For the year ended December 31, 2012 and 2011, our drydocking expenses were $5.7 million and $3.1 million, respectively. The increase is mainly due to the fact that in 2012, we had three Supramax vessels and one Capesize vessel that underwent their periodic drydocking surveys, while in 2011 we had four Supramax vessels that underwent their periodic drydocking surveys, excluding <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>which underwent drydocking the same day that the vessel was delivered to us and the respective expenses were capitalized. </font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Depreciation</font>: We depreciate our vessels based on a straight line basis over the expected useful life of each vessel, which is 25 years from the date of their initial delivery from the shipyard. Depreciation is based on the cost of the vessel less its estimated residual value, which is estimated at $200 per lwt, at the date of the vessel's acquisition. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. For the years ended December 31, 2012 and 2011, we recorded vessel depreciation charge of approximately $33.0 million and $50.2 million, respectively. The decrease was primarily due to impairment losses recognized as of December 31, 2011 in connection to our oldest Capesize vessels, which resulted in a reduced net book value for the respective vessels and the sale of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon</font> that took place in March of 2012. An additional reason&#160;for reduced depreciation charge is that the net book values of our oldest Capesize vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> and, of the entire fleet of eight Supramax vessels, were further reduced due to impairment losses recognized as of September 30, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Vessel impairment loss: </font>The Company tests for impairment of its long lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Due to the sustained decline in charter rates and vessel values during the last four years and because market expectations for future rates are low and are unlikely to increase to the high levels of 2008 in the foreseeable future, the Company performed an impairment analysis for all the vessels in its fleet by comparing projected undiscounted cash flows to the carrying values of vessels. As a result of this analysis during the year ended December 31, 2012, we recorded an impairment loss of $303.2 million related to the write down to fair value of the carrying amount of our entire fleet of eight Supramax vessels and of our oldest Capesize vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font>. During the year ended December 31, 2011, we recorded an impairment loss of $62.0 million to the book value of the oldest Capesize vessels in our fleet, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> (built 1991) and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon</font> (built 1991), since the values of these vessels were considered to be non-recoverable.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> was time chartered to Pacific Bulk Shipping Ltd. at a gross daily charter rate of $38,000 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to us on December 31, 2011. On January 4, 2012, we signed an agreement with the charterer in order to receive an amount of $5.734 million in cash, as compensation for the early redelivery of the respective vessel. The total amount was received in January 2012. In addition to the cash payment, Pacific Bulk supplied us with 1,027 metric tons of fuel, valued at $0.720 million.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font> with a time charter at a gross daily charter rate of $35,615 for the period from February 10, 2009 until May 1, 2011, was redelivered to us early on February 17, 2011. We recognized a gain for this time charter agreement termination of $0.273 million, which relates to the write-off of the unamortized fair value of below market acquired time charter on vessel redelivery date and a gain amounting to $0.324 million, which represents the deferred revenue from the terminated time charter contract.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Omicron</font> was on time charter at a gross daily charter rate of $43,000 per day for the period from April 22, 2008 until February 22, 2011, and was redelivered earlier to the Company on January 17, 2011. We recognized a gain amounting to $1.21 million representing the cash consideration received from its charterers relating to the early termination of this charter party.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> with a time charter at a gross daily charter rate of $38,000 for the period from March 1, 2009 until October 29, 2013, was redelivered to us early on December 31, 2011.&#160;&#160;We recognized a gain amounting to $0.2 million which represents the deferred revenue from the terminated time charter contract.&#160;&#160;During the year ended December 31, 2010, we did not record any gain on time charter agreement termination.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Other operational gain:</font> For the year ended December 31, 2012, we recognized a gain of $2.7 million comprising of $2.5 million and $0.2 million regarding the settlement of two commercial claims against Ishhar Overseas, previous charterer of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font> and Korea Line Corporation, previous charterer of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, respectively and a gain of $0.8 million regarding a hull &amp; machinery claim. For the year ended December 31, 2011, we recognized a gain of $9.0 million regarding the settlement in 2011 of a commercial claim against Oldendorff Gmbh &amp; Co. KG of Germany, the former charterer of the vessel <font style="FONT-STYLE: italic">Star Beta</font>, and a gain of $0.3 million regarding a hull &amp; machinery claim.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Other operational loss</font><font style="FONT-STYLE: italic; DISPLAY: inline">: </font>For the year ended December 31, 2012, we recorded a loss of $1.2 million representing the expense incurred by the Company towards a third party, in connection with the settlement of one of the legal cases, that included in the agreement signed in September 2010. Under the specified agreement, we sold to the third party a 45% interest in the future proceeds related to the recovery of certain of the commercial claims against a consideration of $5,000. During the year ended December 31, 2011, we paid $4.05 million to the third party relating to the settlement of one of the legal claims included in the above mentioned agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Bad debt expense: </font>For the year ended December 31, 2011, we recognized an aggregate provision for bad debts amounting to $3.1 million, which consists of $1.9 million related to unpaid hire from the charterer of two of our vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon </font>and an amount of $0.5 million related to unpaid hire from the charterer of two of our vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo.</font>&#160;&#160;In addition, we recognized bad debt expense, amounting to $0.7 million in connection to the settlement, on February 20, 2012, of a commercial claim with the charterer of the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta </font>which qualified as<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>an adjusting subsequent event.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">General and administrative expenses</font>: For the years ended December 31, 2012 and 2011, we incurred general and administrative expenses of approximately $9.3 million and $12.5 million, respectively. For the year ended December 31, 2012, our general and administrative expenses consist of salaries and other related costs of the executive officers and other employees ($5.2 million), office renovation costs and rents, legal, accounting costs and consultancy fees, regulatory compliance costs and other miscellaneous expenses ($2.6 million) and costs related to non-vested stock grants under the equity incentive plan ($1.5 million). For the year ended December 31, 2011, our general and administrative expenses consist of salaries and other related costs of the executive officers and other employees ($7.6 million), office renovation costs and rents, legal, accounting costs and consultancy fees, regulatory compliance costs and other miscellaneous expenses ($3.5 million) and costs related to non-vested stock grants under the equity incentive plan ($1.4 million). The decrease is attributed to the cash severance payment of $2.8 million related to the resignation of Company's former Chief Executive Officer and former Chief Financial Officer that took place in 2011 and an amount of $0.3 million related to expenses for an aborted public offering during the second quarter of 2011 that was not completed.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year ended December 31, 2011 compared to the year ended December 31, 2010</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Voyage revenues</font>: Voyage revenues for the years ended December 31, 2011 and 2010, were approximately $106.9 million and $121.0 million, respectively.&#160;&#160;This decrease is mainly due to lower average TCE rates, a non-U.S. GAAP measure representing time charter equivalent daily cash rates earned from chartering of our vessels. During the year ended December 31, 2011, we earned $19,989 TCE rate per day as compared to $26,859 TCE rate per day for the year ended December 31, 2010 due to the decrease in prevailing charter rates at which our vessels were chartered. Charterhire rates were volatile in 2010 and 2011 and continue to be volatile. During 2010, the BDI reached a high on May 26, 2010 of 4,209 and fell to a low of 1,700 on July 15, 2010. During 2011, the BDI went from a low of 1,043 on February 4, 2011 to a high of 2,173 on November 14, 2011. On February 28, 2012, the index was at 738. This decrease is primarily due to increases in vessel supply. In addition, for the year ended December 31, 2011, total voyage revenues decreased by $2.2 million due to the amortization of the fair value of above/below market acquired time charters compared to an increase of $1.4 million total voyage revenues due to the amortization of the fair value of below market acquired time charters for the year ended December 31, 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Voyage expenses</font>: For the years ended December 31, 2011 and 2010, voyage expenses, were approximately $22.4 million and $16.8 million, respectively. Consistent with drybulk industry practice, we paid broker commissions ranging from 1.25% to 5.75% of the total daily charterhire rate of each charter to ship brokers associated with the charter, depending on the number of brokers involved with arranging the charter. Voyage expenses also consist of hire paid for chartered-in vessels, port, canal and fuel costs. There was an increase of $5.6 million in voyage expenses in 2011 as compared to 2010. The increase is mainly due to higher charter-in expenses during 2011 amounting to $17.9 million compared to $11.2 million for the year 2010 due to the fact that the voyage days of the chartered-in vessels, that served shipments under a Contract of Affreightment (COA), in 2011, were more than the respective days in 2010. The last shipment under the COA was completed in February 2012. All other voyage expenses such as bunkers, port expenses and commissions were lower in 2011, amounting to $4.5 million in aggregate as compared to $5.6 million in 2010, due to the decrease in the voyage days of our owned vessels during the year 2011 compared to the same period in 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Vessel operating expenses:</font> For the years ended December 31, 2011 and 2010, our vessel operating expenses were approximately $25.2 million and $22.3 million, respectively. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. The increase is mainly due to the increase in the average number of vessels that operated during the year ended December 31, 2011, compared to the same period of 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Drydocking expenses:</font> For the year ended December 31, 2011 and 2010, our drydocking expenses were $3.1 million and $6.6 million, respectively. The decrease is mainly due to the fact that in 2011, we had four Supramax vessels that underwent their periodic drydocking surveys, excluding <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>which underwent drydocking the same day that the vessel was delivered to us and the respective expenses were capitalized, as compared to 2010 when we had one Capesize vessel and three Supramax vessels that underwent their periodic drydocking survey.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Depreciation</font><font style="FONT-STYLE: italic; FONT-WEIGHT: bold">:</font> We depreciate our vessels based on a straight line basis over the expected useful life of each vessel, which is 25 years from the date of their initial delivery from the shipyard. Depreciation is based on the cost of the vessel less its estimated residual value, which is estimated at $200 per lwt, at the date of the vessel's acquisition. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. For the years ended December 31, 2011 and 2010, we recorded vessel depreciation charge of approximately $50.2 million and $46.9 million, respectively. The increase was primarily due to the increase in the average number of our vessels that operated during the year ended December 31, 2011 compared to the same period of 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Vessel impairment loss: </font>During the year ended December 31, 2011, we recognized an impairment loss of $62.0 million. We test for impairment of its long lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Due to unfavorable market conditions prevailing at the end of the reporting period that led to declining vessel values and charter rates, we performed an impairment analysis for all the vessels in its fleet by comparing undiscounted cash flows to the carrying values of vessels. As a result of this analysis, we recorded an impairment loss to the book value of the oldest Capesize vessels in our fleet, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> (built 1991) and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon</font> (built 1991), since the values of these vessels were considered to be non-recoverable.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 18, 2010, we agreed to sell <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font>, a vessel from our initial fleet, to a third party for a contracted sales price of $22.0 million.&#160;&#160;We delivered this vessel to its new owners on July 7, 2010.&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font> was classified as vessel held for sale during the first quarter of 2010 which resulted in an impairment loss of $34.9 million as the vessel was recorded at the lower of its carrying amount or fair value less cost to sell.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Omicron</font> was on time charter at a gross daily charter rate of $43,000 per day for the period from April 22, 2008 until February 22, 2011 and was redelivered earlier to the Company on January 17, 2011. We recognized a gain amounting to $1.21 million representing the cash consideration received from its charterers relating to the early termination of this charter party.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font>, with a time charter at a gross daily charter rate of $38,000 for the period from March 1, 2009 until October 29, 2013, was redelivered to us early on December 31, 2011.&#160;&#160;We recognized a gain amounting to $0.2 million which represents the deferred revenue from the terminated time charter contract.&#160;&#160;During the year ended December 31, 2010, we did not record any gain on time charter agreement termination.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Other operational gain:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>For<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>the year ended December 31, 2011, we recognized a gain of $9.0 million regarding the settlement in 2011 of a commercial claim against Oldendorff Gmbh &amp; Co. KG of Germany, the former charterer of the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta,</font> and a gain of $0.3 million regarding a hull &amp; machinery claim. For the year ended December 31, 2010, we recognized a gain of $21.6 million in connection with the settlement of a commercial claim, related to the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon</font> and an amount of $5.0 million from the sale of a 45% interest in the future proceeds related to the settlement of several commercial claims.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Bad debt expense: </font>For the year ended December 31, 2011, we recognized an aggregate provision for bad debts amounting to $3.1 million, which consists of $1.9 million related to unpaid hire from the charterer of two of our vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon, </font>and an amount of $0.5 million related to unpaid hire from the charterer of two of our vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo.</font>&#160;&#160;In addition, we recognized bad debt expense, amounting to $0.7 million in connection to the settlement, on February 20, 2012, of a commercial claim with the charterer of the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta </font>which qualifies as<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>an adjusting subsequent event. Bad debt expense for the year ended December 31, 2010 amounting to $2.1 million is related to unpaid hire from a charterer of the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Alpha </font>that was written off during the year 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Interest and finance cost</font>: For the year ended December 31, 2011 and 2010, our interest and finance costs under our term loan facilities totaled approximately $5.2 million and $5.9 million, respectively. This decrease is mainly due to lower average outstanding debt during 2011 amounting to $214.3 million compared to $220.1 million for 2010, other than the debt used for the financing of our two newbuilding vessels, the interest of which was capitalized until the delivery of the vessels and due to higher interest capitalized from the general debt in 2011 of $0.8 million compared to $0.6 million in 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Interest and other income</font>: For the years ended December 31, 2011 and 2010, interest income was $0.7 million and $0.5 million, respectively.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Loss on debt extinguishment</font><font style="FONT-STYLE: italic; DISPLAY: inline">: </font>For the year ended December 31, 2011 we recorded an amount of $0.3 million under "Loss on debt extinguishment" in our consolidated statements of operations, regarding the write off of the unamortized balance of deferred financing fees relating to Piraeus loan facilities, which were fully repaid on October 6, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our principal source of funds has been equity provided by our shareholders, long-term borrowing, and operating cash flow.&#160;&#160;Our principal use of funds has been capital expenditures to establish and grow our fleet, maintain the quality of our drybulk carriers, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, make interest and principal repayments on outstanding loan facilities, and pay dividends.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our short-term liquidity requirements relate to servicing our debt, paying of operating costs, funding working capital requirements and maintaining cash reserves against fluctuations in operating cash flows and paying cash dividends when permissible. Sources of short-term liquidity include our revenues earned from our charters.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We believe that our current cash balance and our operating cash flows will be sufficient to meet our 2013 liquidity needs, despite that the drybulk charter market has remained at depressed levels throughout 2010, 2011 and 2012 and as of the date here. Our results of operations have been and may in the future be adversely affected if market conditions do not improve.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our medium- and long-term liquidity requirements include funding the equity portion of any possible investments in additional vessels and repayment of long-term debt balances. Sources of funding for our medium- and long-term liquidity requirements include new loans or equity issuance or vessel sales. As of December 31, 2012, we had outstanding borrowings of $224.1 million. As of March 18, 2013, we had outstanding borrowings of $211.4 million under our loan facilities. If the current conditions in the credit market continue, we may not be able to refinance our existing credit facilities or secure new credit facilities at all or on terms agreeable to us.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We may fund possible growth through our cash balances, operating cash flows, additional long-term borrowing and the issuance of new equity.&#160;&#160;Our practice has been to acquire drybulk carriers using a combination of funds from operations and bank debt secured by mortgages on our drybulk carriers. Our business is capital-intensive and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer drybulk carriers and the selective sale of older drybulk carriers. These acquisitions will be principally subject to management's expectation of future market conditions as well as our ability to acquire drybulk carriers on favorable terms.&#160;&#160;As of December 31, 2012, we had no capital commitments to acquire vessels.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, we had cash and cash equivalents of approximately $13.0 million excluding $18.9 million of current and non-current restricted cash due to minimum liquidity covenants, cash collateral requirements contained in our loan agreements.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the amended terms of the supplemental loan agreement with HSH on January 7, 2013, we made a prepayment of $6,596,000, of which $3,500,000 was applied against the first tranche of the loan amounting to $48.5 million, the "Supramax Tranche" balloon payment, and $3,096,000 will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013. We used the pledged amount of $6,504,167, which was held with HSH representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date, for the payment amount. Under the amended terms of the loan agreement, we are no longer required to pledge this amount to HSH. In addition, the required minimum liquidity per mortgaged vessel held by HSH was reduced to $200,000 from $400,000, and the released amount of $800,000 was used as a partial prepayment of the Supramax Tranche: 50% to be applied against the balloon payment of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche, starting with the scheduled repayment date in January 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For the year ended December 31, 2012, cash and cash equivalents decreased to $13.0 million, compared to $15.1 million for the year ended December 31, 2011. Our working capital is equal to current assets minus current liabilities, including the current portion of long-term debt.&#160;&#160;Our working capital deficit was decreased to $4.5 million for the year ended December 31, 2012, compared to a working capital deficit of $20.8 million for the year ended December 31, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If our working capital deficit continues to exist, lenders may be unwilling to provide future financing or will provide future financing at significantly increased interest rates, which will negatively affect our earnings, liquidity and capital position.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For the year ended December 31, 2012, current and non-current restricted cash decreased to $18.9 million, compared to $29.7 million as of December 31, 2011. For further information please see <font style="FONT-STYLE: italic; DISPLAY: inline">Item 5. "Operating and Financial Review and Prospects &#8211; Senior Secured Credit Facilities".</font>&#160;&#160;We believe that our current cash balance and our operating cash flow will be sufficient to meet our liquidity needs over the next twelve months.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Net cash provided by operating activities for the years ended December 31, 2012 and 2011, was $19.0 million and $50.6 million, respectively. The decrease in cash provided by operating activities was primarily due to a decrease in cash flows generated by the operation of our fleet due to lower average TCE rates as a result of the decline in the drybulk vessel shipping industry despite an increase in the average number of vessels to 14.2 for the year ended December 31, 2012, from 12.3 for the year ended December 31, 2011. During the year ended December 31, 2012, we earned $15,390 TCE rate per day compared to $19,989 TCE rate per day for the year ended December 31, 2011, mainly due to lower charter rates for most of our vessels as imposed by the market. In accordance with the terms of the charter parties for the vessels operating under time charters, hire is received approximately 15 days in advance, whereas freight voyages are settled during or at the end of the voyage. Collection terms have not changed compared to prior years.&#160;&#160;Furthermore, vessel operating expenses increased by approximately 10% for the year ended December 31, 2012 mostly due to operation of a larger fleet. In&#160;net cash provided by operating activities&#160;&#160;for the year ended December <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">31, 2012, included an amount $2.7 million representing the payment of the installments due up to the date of this report under the settlement agreements of two commercial claims, and the received amount of&#160;&#160;$6.5 million in connection to early redelivery of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> by its previous charterer. During the year ended December 31, 2011, (i) we received $9.0 million related to a commercial claim, (ii) we paid $4.05 million to a third party based on the agreement to sell the 45% interest in future proceeds of several commercial claims as stated above; and (iii) we paid a severance to our former Chief Executive Officer and our former Chief Financial Officer of $2.3 million and $0.5 million, respectively.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Net cash provided by investing activities for the year ended December 31, 2012 was $25.5 million. Net cash used in investing activities for the year ended December 31, 2011 was $122.3 million. For the year ended December 31, 2012 net cash provided by investing activities mainly consisted of (i) net proceeds of $8.0 million from sale of <font style="FONT-STYLE: italic; DISPLAY: inline">Star</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Ypsilon</font>, (ii) a net decrease of $10.6 million in restricted cash, (iii) insurance proceeds of $7.0 million, offset by $0.1 million relating to additions to office equipment. Net cash used in investing activities for the year ended December 31, 2011 consisted primarily of (i) $29.3 million related to the acquisition of two secondhand Capesize vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega, </font>plus cash consideration of $23.1 million paid for the acquisition of the above market time charters attached to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega</font>, (ii) $67.0 million related to the acquisition and delivery of two newbuilding vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font>; and (iii) a net increase of $4.0 million in restricted cash, offset by insurance proceeds of $1.1 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Net cash used in financing activities for the year ended December 31, 2012 was $46.6 million. Net cash provided by financing activities for the year ended December 31, 2011 was $74.0 million. For the year ended December 31, 2012, net cash used in financing activities consisted of (i) loan installment payments of $42.0 million, (ii) cash dividend payments of $3.6 million, (iii) payment of financing fees of $0.1 million, and (iv) payment of $0.9 million for the repurchase of 61,730 shares under the terms of the share re-purchase plan which expired on December 31, 2012. For the year ended December 31, 2011, net cash provided by financing activities consisted of (i) loan installment payments of $101.5 million, (ii) cash dividend payments of $14.4 million, and (iii) financing fees of $1.5 million, offset by loan proceeds of $162.8 million and net proceeds from our underwritten public offering of $28.6 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Cash Provided By Operating Activities</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Net cash provided by operating activities for the years ended December 31, 2011 and 2010 was $50.6 million and $87.9 million, respectively. The decrease in cash provided by operating activities was primarily due to a decrease in cash flows generated by the operation of our fleet due to lower average TCE rates as a result of the decline in the drybulk vessel shipping industry, despite an increase in the average number of vessels to 12.26 for the year ended December 31, 2011 from 10.81 for the year ended December 31, 2010. During the year ended December 31, 2011, we earned $19,989 TCE rate per day compared to $26,859 TCE rate per day for the year ended December 31, 2010 mainly due to lower charter rates for most of our vessels as imposed by the market. In accordance with the terms of the charter parties for the vessels operating under time charters, hire is received approximately 15 days in advance, whereas freight voyages are settled during or at the end of the voyage. Collection terms have not changed compared to prior years.&#160;&#160;Furthermore, vessel operating expenses increased by approximately 13% for the year ended December 31, 2011 mostly due to operation of a larger fleet. During the year ended December 31, 2010, we received $21.6 million in connection to the settlement of a commercial claim related to the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon</font> and $5.0 million from the sale of a 45% interest in future proceeds related to the settlement of several other commercial claims.&#160;&#160;During the year ended December 31, 2011, (i) we received $9.0 million related to a commercial claim, (ii) we paid $4.05 million to a third party based on the agreement to sell the 45% interest in future proceeds of several commercial claims as stated above; and (iii) we paid a severance to our former Chief Executive Officer and our former Chief Financial Officer of $2.3 million and $0.5 million, respectively.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Net cash used in investing activities for the years ended December 31, 2011 and 2010 was $122.3 million and $60.2 million, respectively.&#160;&#160;Net cash used in investing activities for the year ended December 31, 2011 consisted primarily of (i) $29.3 million related to the acquisition of two secondhand Capesize vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega, </font>plus cash consideration of $23.1 million paid for the acquisition of the above market time charters attached to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega</font>; (ii) $67.0 million related to the acquisition and delivery of two newbuilding vessels, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font>; and (iii) a net increase of $4.0 million in restricted cash, offset by insurance proceeds amounting to $1.1 million.&#160;&#160;Net cash used in investing activities for the year ended December 31, 2010 consisted primarily of (i) $44.1 million related to the acquisition of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font>; (ii) an aggregate of $43.5 million relating to yard installment payments for our two newbuilding vessels, offset by a net decrease in restricted cash of $7.0 million, the proceeds from the sale of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font> of $20.3 million and insurance proceeds amounting to $0.1 million.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Net cash provided by financing activities for the year ended December 31, 2011 was $74.0 million and net cash used in financing activities for the year ended December 31, 2010 was $55.1 million. For the year ended December 31, 2011, net cash provided by financing activities consisted of loan installment payments of $101.5 million, cash dividend payments of $14.4 million, financing fees of $1.5 million, offset by loan proceeds of $162.8 million and net proceeds from our underwritten public offering of $28.6 million. For the year ended December 31, 2010, net cash used in financing activities consisted of loan installment payments of $68.4 million, cash dividend payments of $12.4 million and financing fees of $0.3 million offset by proceeds from the new loan related to the acquisition of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font> of $26.0 million.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Commerzbank AG Loan Facility dated December 27, 2007, as amended</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 27, 2007, we entered into a loan agreement with Commerzbank AG, Commerzbank, in the amount of up to $120.0 million to partially finance the acquisition of the secondhand vessels <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma,</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Star Delta, Star Epsilon, Star Zeta, </font>and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Theta</font>, which also provide the security for this loan agreement.&#160;&#160;Under the terms of this loan facility, the repayment of $120.0 million is over a nine year term and divided into two tranches. The first tranche of up to $50.0 million is repayable in twenty-eight consecutive quarterly installments commencing twenty-seven months after the initial borrowings, but no later than March 31, 2010 as follows: (i) the first four installments amount to $2.25 million each, (ii) the next thirteen installments amount to $1.0 million each, and&#160;(iii) the remaining eleven installments amount to $1.3 million each and a final balloon payment of $13.7 million is payable together with the last installment. The second tranche of up to $70.0 million is repayable in twenty-eight consecutive quarterly installments commencing twenty-seven months after draw down, but no later than March 31, 2010 as follows: (i) the first four installments amount to $4.0 million each (ii) the remaining twenty-four installments amount to $1.75 million each and a final balloon payment of $12.0 million is payable together with the last installment. The loan bears interest at LIBOR plus a margin at a minimum of 0.8% per annum to a maximum of 1.25% per annum depending on whether the aggregate drawdown ranges from 60% up to 75% of the aggregate market value of the "initial fleet".</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10.0 million or $1.0 million per vessel, whichever is greater (ii) a market value adjusted equity ratio of not less than 25%, as defined therein and (iii) an aggregate market value of the vessels mortgaged as security under this loan agreement of not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On June 10, 2009, we entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111% from 125%.&#160;&#160;In connection with this waiver, as further security for this facility, we agreed to provide a first preferred mortgage on the <font style="FONT-STYLE: italic; DISPLAY: inline">Star Alpha</font> and a pledge account containing $6.0 million.&#160;&#160;During the waiver period LIBOR will be adjusted to the cost of funds, the interest spread was increased to 2%, and the payment of dividends and investments are subject to the prior written consent of the lenders.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 27, 2010, we entered into a second supplemental agreement with Commerzbank which was effective as of December 24, 2009. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011, the security cover was amended to 111% and 118%, respectively and 135% thereafter. Pursuant to the waiver agreement (i) the bank consented to the sale of the <font style="FONT-STYLE: italic; DISPLAY: inline">Star Alpha</font>; (ii) we are permitted to pay dividends not exceeding $0.75 per share in each quarter; (iii) the minimum liquidity requirement was reduced from $1.0 million to $0.7 million per vessel (total minimum liquidity of $7.2 million); and (iv) the amount deposited in the pledged account was increased by $1.3 million from $6.0 million to $7.3 million. The interest spread was also maintained to 2.00% per annum for the duration of the waiver period. After the waiver period on January 31, 2011 the minimum liquidity increased from $0.7 million to $1.0 million for each vessel in our fleet and the pledged amount of $7.3 million was released.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We determined that as of December 31, 2011, the market value of the vessels mortgaged under the $120.0 million loan agreement with Commerzbank AG was less than 135% of the amount of those borrowings as required. On January 30, 2012, we paid our next regularly scheduled quarterly payment of $2.75 million and as a result maintained the required ratio of the market value of the vessels mortgaged as collateral to the outstanding borrowings of not less than 135%.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We subsequently determined that as of September 30, 2012, we were not in compliance with the market value adjusted equity ratio and the minimum asset cover ratio requirements. On December 17, 2012, we agreed to enter into a supplemental loan agreement and agreed to the following amended terms with Commerzbank AG: (i) to defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, or the Deferred Amounts, which will be added to the balloon payment, payable upon the expiration of the loan agreement in the fourth quarter of 2016 or in accordance with a cash sweep mechanism (see discussion below); (ii) to reduce the minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, from 135% to 80% for the period ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014, to 110% for the six month period ending June 30, 2015 and thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%; (iii) to reduce the minimum liquidity requirement to $500,000 per vessel from $1.0 million per vessel until December 31, 2014; (iv) to increase the applicable margin to 3.00% per annum, so long as the Deferred Amounts are outstanding and/or until original terms are complied with; (v) to pay a flat fee of 0.40% of the outstanding loan amount; (vi) to reduce the market value adjusted equity ratio to 15% from 25% for the period ending December 31, 2014; and (vii) to an additional financial covenant requirement, ratio of EBITDA to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This loan supplement is subject to the completion of definitive documentation and the satisfaction of certain conditions set forth below under the heading "Commerzbank AG Loan Facility dated September 3, 2010.<font style="FONT-STYLE: italic; DISPLAY: inline">"</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2013 and December 31, 2012, we had outstanding borrowings of $70.3 million and $71.4 million, respectively, which is the maximum amount of borrowings permitted under this loan facility.&#160;&#160;We were in compliance with the amended financial covenants described above as of December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Commerzbank AG Loan Facility dated September 3, 2010</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 3, 2010 we entered into a loan agreement with Commerzbank AG in the amount of up to $26.0 million with a term of six years to partially finance the acquisition cost of the secondhand vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora,</font> which was provided as security for this loan agreement.&#160;&#160;The loan is payable in twenty-four consecutive quarterly installments of $950,000 commencing three months after the drawdown, and a final balloon payment of $3.2 million payable together with the last installment. The loan bears interest at LIBOR plus a margin of 2.6% per annum.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The loan contains financial covenants, including requirements to maintain: (i) a minimum liquidity of $10.0 million or $1.0 million per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, (iii) an actual pledged amount of $ 0.65 million for this vessel that was increased to $1.0 million when the&#160;&#160;pledged amount of $7.3 million was released after the waiver period, pursuant to the terms of the second supplemental agreement with Commerzbank signed on January 27, 210 as stated above, and (iv) an aggregate market value of the vessel mortgaged as security under this loan agreement not less than 135% at all times.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We determined that as of September 30, 2012, we were not in compliance with the market value adjusted equity ratio and the minimum asset cover ratio requirements. On December 17, 2012, we agreed to enter into a supplemental loan agreement and agreed to the following amended terms with Commerzbank AG: (i) to defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, or the Deferred Amounts, which will be added to the balloon payment payable upon the expiration of the loan agreement in the fourth quarter of 2016 or in accordance with the cash sweep mechanism; (ii) to waive the covenant requiring that <font style="FONT-STYLE: italic; DISPLAY: inline">Star Aurora</font> be chartered at an acceptable rate until July 31, 2015; (iii) to reduce the pledged minimum liquidity requirement to $750,000 from $1.0 million; (iv) to increase the applicable margin to 3.00% per annum, so long as the Deferred Amounts are outstanding and/or until original terms are complied with; (v) to pay a flat fee of 0.40% of the outstanding loan amount); (vi) to reduce the minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, from 135% to 80% for the period ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014, to 110% for the six month period ending June 30, 2015 and thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%; (vii) to reduce the market value adjusted equity ratio to 15% from 25% for the period ending December 31, 2014; and (viii) to an additional financial covenant requirement to maintain a&#160;ratio of EBITDA to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The proposed amendments to both Commerzbank AG loan facilities are expected to apply, subject to the execution of definite documentation and the satisfaction of the following conditions: (i) a semi-annual cash sweep mechanism to be implemented on all mortgaged vessels on an individual vessel basis, where all earnings of these vessels after operating expenses, dry-docking provision, and general and administrative expenses and debt service, if any, will be used to repay the Deferred Amounts under both loan agreements; (ii) an undertaking by us to refrain from paying dividends as Deferred Amounts are outstanding and/or until original terms are complied with; (iii) an undertaking by us to increase our equity by at least $30 million by December 31, 2013 (which is expected to be used for vessel acquisitions and general corporate purposes); (iv) to increase our vessel management services to cover at least 10 third-party vessels by December 31, 2013; and (v) a prepayment of $2.0 million to be applied pro rata against the balloon payments of the two loan agreements, the prepayment of which was made on December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2012 and December 31, 2012, we had outstanding borrowings of $16.7 million and $17.1 million, respectively, which is the maximum amount of borrowings permitted under this loan facility.&#160;&#160;We were in compliance with the amended financial covenants described above as of December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Credit Agricole Corporate and Investment Bank Loan Facility dated January 20, 2011</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 20, 2011, we entered into a term loan agreement with Credit Agricole Corporate and Investment Bank for up to $70.0 million to partially finance the construction costs of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris,</font> which have also been provided as security for this loan agreement. The loan is divided into two tranches.&#160;&#160;One tranche relates to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Borealis </font>and<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>is<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>repayable commencing three months following its delivery in twenty eight consecutive quarterly installments of $0.4854 million plus a final balloon payment, which is payable together with the last installment of $19.558 million.&#160;&#160;The other tranche relates to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Polaris</font> and is<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>repayable commencing three months following the delivery of the respective vessel in twenty eight consecutive quarterly installments of $0.4997 million plus a final balloon payment, which is payable together with the last installment of $20.134 million.&#160;&#160;The loan bears interest at LIBOR plus a margin of 2.7% per annum.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The loan agreement contains financial covenants, including requirements to maintain: (i) a minimum liquidity of $10.0 million or $500,000 per fleet vessel, whichever is greater, (ii) the leverage ratio which is the&#160;&#160;total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.70:1.0, (iii) a pledged amount of $0.5 million per mortgaged vessel, and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration of such approved charter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We determined that as of September 30, 2012, we were not in compliance with the leverage ratio and the minimum asset cover ratio requirements. On December 14, 2012, we agreed to enter into a supplemental loan agreement and agreed to the following amended terms with Cr&#233;dit Agricole: (i) to increase the ratio of the total indebtedness of us less liquid funds over the market value of all of our owned vessels to&#160;0.95:1.0 from&#160;0.70:1.0 until March 31, 2014; (ii) to reduce the asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to 105% from 120% until March 31, 2014, and thereafter and until the repayment of the loan the asset cover ratio will return to levels as set in the original loan agreement dated January 20, 2011; (iii) to reduce the minimum liquidity requirement to the greater of $7.0 million or $500,00 per vessel from $10.0 million; and (iv) to not pay any dividends until the later of March 31, 2014 and we comply with all of the financial covenants included in the original agreement dated January 20, 2011.&#160;&#160;During this period, all surplus earnings of the financed vessels under the specific loan agreement, after operating expenses and debt service, will be held in the lender's account and shall not be distributed to the borrower.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2013 and December 31, 2012, we had outstanding borrowings of $61.9 million and $62.8 million, respectively, which is the maximum outstanding borrowing permitted under this loan facility.&#160;&#160;We were in compliance with the amended financial covenants described above as of December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 21, 2011, we entered into a $31.0 million senior secured credit facility with ABN AMRO Bank N.V. to partially finance the purchase of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega.&#160;&#160;</font>As of December 31, 2011, the total amount of this loan facility has been drawn down.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under this facility, our wholly-owned subsidiaries that own <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega </font>will be the borrowers and Star Bulk Carriers Corp. will be the corporate guarantor.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This facility is repayable in 18 consecutive quarterly installments commencing three months after the initial borrowings. The first 14 installments amount to $1.4 million each, the remaining four installments amount to $625,000 each and a final balloon payment of $8.9 million will be payable together with the last installment. This new senior secured credit facility will bear interest at LIBOR plus a margin of 2.9% per annum.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This facility contains financial covenants and other customary covenants, including requirements that we will maintain: (i) the leverage ratio which is the total liabilities of the borrower less liquid funds&#160;&#160;to the aggregate charter free fair market value of the vessels of no greater than 70%, (ii) a ratio of EBITDA to interest expense, of not less than 3.0:1.0, (iii) minimum liquidity of $10.0 million or $750,000 per vessel for each of the vessels in our fleet, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100.0 million, and (v) a maintenance reserve account up to $1.5 million which may only be used for the payment of the dry-docking of the vessel <font style="FONT-STYLE: italic">Star Mega</font>, this amount was released in&#160;September of 2012 when the respective vessel underwent for dry-docking. This facility also requires the borrowers to maintain an aggregate charter-free fair market value of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega </font>of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the existing time charter for <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega </font>and 150% thereafter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Pursuant to this facility, among other things, we are required to charter <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega </font>to a multinational mining group.&#160;&#160;The facility also requires that earnings from these vessels be applied first to amounts due under this facility. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of our outstanding common shares.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We determined as of December 31, 2011 that the market value of the vessels mortgaged under our $31.0 million loan agreement with ABN AMRO Bank was less than the minimum required security cover, which requires the value of the mortgaged vessel plus any additional security to be at least 135% of outstanding borrowings.&#160;&#160;On March 26, 2012, we entered into a supplemental agreement with ABN AMRO Bank (we were committed to this agreement as of January 26, 2012) to amend (i) the minimum required security cover covenant from 135% to 100% and (ii) the leverage ratio to be increased from 70% to 75%. Both amendments cover the period from January 26, 2012 to January 31, 2013.&#160;&#160;In addition, the interest margin was increased from 2.9% to 3.4% per annum during this period.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We determined that as of September 30, 2012, we were not in compliance with the leverage ratio, the minimum market adjusted net worth and the minimum asset cover ratio requirements. On January 29, 2013, we agreed to enter into a supplemental loan agreement (we were committed to this agreement as of December&#160;&#160;22, 2012) and agreed to the following amended terms with ABN Amro Bank N.V. to: (i) decrease the minimum market adjusted net worth of us and our subsidiaries to $30.0 million from $100.0 million until December 31, 2014; (ii) reduce the minimum liquidity requirement to $500,000 per vessel from 750,000 per vessel until December 31, 2014; (iii) reduce the ratio of EBITDA to interest expense to 1.5:1.0 from 3.0:1.0 for the years ending December 31, 2013 and 2014; (iv) increase the total leverage ratio of us to 110% from 75% until December 31, 2014; and (v) decrease the asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to 75% from 100% until December 31, 2014.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">These amendments are expected to apply, subject to the satisfaction of the following conditions: (i) an equity increase of $30.0 million by December 31, 2013 (which is expected to be used for vessel acquisitions and general corporate purposes); (ii) if the equity increase is not completed by March 31, 2013, the interest margin will be increased by 0.5%; and (iii) to not pay any dividends until December 31, 2014.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2013 and December 31, 2012, we had outstanding borrowings of $22.6 million and $24.0 million, respectively, which is the maximum amount of borrowings permitted under this loan facility.&#160;&#160;We were in compliance with the amended financial covenants described above as of December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">HSH Nordbank AG Loan Facility dated October 3, 2011</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 3, 2011, we entered into a $64.5 million secured term loan agreement with HSH Nordbank AG, or HSH, which has up to a five year term and bears interest at LIBOR plus a margin. The borrowings under this new loan agreement, together with $5.3 million of own cash, were used to repay in full the outstanding borrowings under our two loan facilities with Piraeus Bank.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under this facility, our wholly-owned subsidiaries that own certain of our vessels will be the borrowers and Star Bulk Carriers Corp. will be the corporate guarantor.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This senior secured term loan facility consists of two tranches. The first tranche, the Supramax Tranche, amounts to $48.5 million and is repayable in 20 consecutive installments of $1.250 million each and a final balloon payment of 23.5 million. The second tranche, the Capesize Tranche, amounts to $16.0 million and is repayable in 12 consecutive installments of $1.333 million each. The Supramax Tranche bears interest at LIBOR or cost of funds whichever is greater, plus a margin of 2.75%, and the Capesize Tranche bears interest at LIBOR or cost of funds whichever is greater, plus a margin of 3.00%.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This loan agreement contains financial covenants including requirements that we will maintain: (i) leverage ratio which is the ratio of total liabilities of us to the aggregate charter free fair market value of the vessels of no greater than 75% until December 31, 2013 and 70% thereafter; (ii) a minimum market adjusted net worth of not less than $100.0 million; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv)&#160;&#160;a pledged amount of $2.0 million or $0.4 million for each mortgaged vessel under this credit facility, whichever is greater; (v)&#160;&#160;minimum liquidity of $10.0 million; (vi) an actual pledged amount of $6.5 million representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date; and (vii) an aggregate market value of the vessels mortgaged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Capesize Tranche and (b) 167% of the then outstanding borrowings thereafter.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We determined that as of September 30, 2012, we were not in compliance with the leverage ratio, the minimum market adjusted net worth and the minimum asset cover ratio requirements. On December 21, 2012, we agreed to enter into a supplemental loan agreement and agreed to the following amended terms with HSH:&#160;&#160;(i) to defer at least $3.5 million during the period from January 1, 2013 until December 31, 2014; (ii) to prepay an aggregate of $6.6 million (using pledged cash of $6.5 million already held by HSH), of which $3.5 million will be applied against the balloon of Supramax Tranche and $3.1 million will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013 (the pledged amount is no longer required for this facility following the prepayment that took place on January 7, 2013); (iii) to reduce the required minimum liquidity per mortgaged vessel held by HSH to $200,000 from $400,000 (the newly released amount of $800,000 to be used as a partial prepayment of the Supramax Tranche: 50% to be applied against the balloon of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013); (iv) to reduce the minimum liquidity from $10.0 million to the greater of $7.0 million or $500,000 per vessel until December 31, 2014; (v) to increase leverage ratio of indebtedness of us over the aggregate fair market value of assets to 90% from 75% until December 31, 2014; (vi) to decrease the minimum market adjusted net worth of us, including our subsidiaries, to $30.0 million from $100.0 million until</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">December 31, 2014; (vii) to reduce the asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to 100% until December 31, 2012, to 110% from January 1, 2013 until December 31, 2013, and thereafter and until the repayment of the loan the asset cover ratio will return to the initial level of 125%; (viii) to increase the interest which is currently at LIBOR plus a margin of 3.00% and 2.75% for the Capesize and the Supramax Tranche, respectively, to 3.50% for both tranches, from January 1, 2013 until December 31, 2014 (in the case that an event of default and/or covenant breach, has occurred, the increased margin will apply until the breach is remedied); and (ix) to waive the aggregated market value covenant, which requires the vessels mortgaged under this loan to maintain a value of 167% of the outstanding borrowings, upon the repayment of the Capesize Tranche, until and including December 31, 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">These amendments are expected to apply, subject to the execution of definitive documentation and the satisfaction of the following conditions: (i) a semi-annual cash sweep mechanism to be implemented effective from June 30, 2013 on all mortgaged vessels on an individual vessel basis, where all earnings of these vessels after operating expenses, dry docking provisions, general and administrative expenses and debt service, if any, will be used as applied to the ballon payment of the Supramax Tranche; (ii) in the event of the sale of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma</font> during the calendar years 2013-2014, all proceeds from such sale will be used to repay the Capesize Tranche, while the remaining amount will be applied pro-rata against the remaining quarterly repayment installments of the Supramax Tranche until December 31, 2014; (iii) an undertaking by us and our subsidiaries to&#160;&#160;not pay any dividends until December 31, 2014, or later in case of a covenant breach; (iv) an equity increase of a minimum of $20.0 million (to be used solely for new vessel acquisitions) by December 31, 2013; and (v) payment of a one- time processing fee of $12,000.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2013 and December 31, 2012, we had outstanding borrowings of $39.9 million and $48.8 million, respectively, which is the maximum amount of borrowings permitted under this loan facility. We were in compliance with the amended financial covenants described above as of December 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under our credit facilities, we have pledged the shares of our vessel owning subsidiaries that serve as security for those credit facilities, as follows: (i) a first priority pledge of the shares of Star Gamma LLC, Star Delta LLC, Star Epsilon LLC, Star Zeta LLC and Star Theta LLC with respect to our term loan facility Commerzbank AG dated December 27, 2007, (ii) a first priority pledge of the shares of Star Aurora LLC and a second priority pledge of shares of Star Delta LLC, Star Epsilon LLC, Star Gamma LLC, Star Theta LLC and Star Zeta LLC with respect to our term loan facility with Commerzbank AG dated September 3, 2010, (iii) a first priority pledge of the shares of Star Borealis LLC and Star Polaris LLC with respect to our term loan facility with Credit Agricole Corporate and Investment Bank dated January 20, 2011, and (iv) a first priority pledge of the shares of Star Big LLC and Star Mega LLC with respect to our term loan facility with ABN AMRO Bank N.V dated July 21, 2011.These subsidiaries are subject to certain restrictions under our credit facilities, including among others, restrictions on the transfer of such subsidiary's property.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Dividend Payments</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our dividend payments for 2012 were as follows: (i) we declared a dividend of $0.225 per outstanding share of our common stock for the three months ending December 31, 2011 that was paid on March 2, 2012 to shareholders of record as of February 28, 2012; (ii) we declared a dividend of $0.225 per outstanding share of our common stock for the three months ending March 31, 2012 that was paid on June 19, 2012 to shareholders of record as of June 13, 2012; and (iii) we declared a dividend of $0.225 per outstanding share of our common stock for the three months ending June 30, 2012 that was paid on September 14, 2012 to shareholders of record as of September 10, 2012.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">C.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Research and Development, Patents and Licenses</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">74</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">D.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Trend Information</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Please see Item 5.A, "Operating Results &#8211; Factors Affecting Our Results of Operations."</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">E.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Off-balance Sheet Arrangements</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of the date of this annual report, we do not have any off-balance sheet arrangements.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">F.</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Tabular Disclosure of Contractual Obligations</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">In thousands of Dollars</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Payments due by period</font></div>
</div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Obligations</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</font></div>
</div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Less</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">than 1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">-2013</font></div>
</div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1-3 </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">years</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(2014-</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2015)</font></div>
</div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3-5 </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">years</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(2016-</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2017)</font></div>
</div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">More</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">than 5</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;years</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(After January 1,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2018)</font></div>
</div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Principal Loan Payments</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">224,114</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,766</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">51,515</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">100,686</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">43,147</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Interest payments (1)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">24,512</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7,036</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,144</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">932</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Operating lease obligation (2)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">435</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">40</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">79</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">79</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">237</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="2" valign="bottom" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="bottom" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Amounts shown reflect interest payments we expect to make with respect to our long term debt obligations. The interest payments reflect an assumed LIBOR based applicable rate 0.31 % (the three month LIBOR rate as of December 31, 2012) plus the relevant margin of the applicable credit facility.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="bottom" width="69%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="top" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="bottom" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">On January 1, 2012, Starbulk S.A, entered into a one year lease agreement for office space with Combine Ltd., a company controlled by one of the Company's directors, Mrs. Milena &#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company's Chairman Mr. Petros Pappas. The lease agreement provided for a monthly rental of &#8364;2,500 (or $ 3,297).&#160;&#160;The agreement was silently renewed and unless terminated by other one of the two parties, it will expire in eleven years.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

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</td>
</tr><tr>
<td align="left" valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="69%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our Fleet &#8211; Illustrative Comparison of Possible Excess of Carrying Value Over Estimated Charter-Free Market Value of Certain Vessels</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In <font style="FONT-STYLE: italic; DISPLAY: inline">Item 5.A, "Critical Accounting Policies &#8211; Impairment of long-lived assets",</font> we discuss our policy for impairing the carrying values of our vessels. During the past few years, the market values of vessels have experienced particular volatility, with substantial declines in many vessel classes.&#160;&#160;As a result, the charter-free market value, or basic market value, of certain of our vessels may have declined below those vessels' carrying value. Even though we would not impair those vessels' carrying value under our accounting impairment policy, due to our belief that future undiscounted cash flows expected to be earned by such vessels over their operating lives would exceed such vessels' carrying amounts, except for the carrying values of our entire Supramax fleet and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Sigma,</font> which was considered to be non-recoverable. The applicable vessels are the oldest vessels in our fleet and near to the end of their useful lives. As a result, an impairment charge of $303.2 million was recognized under "Vessel Impairment loss" in the accompanying consolidated statements of operations. The table set forth below indicates: (i) the carrying value of each of our vessels as of <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">December 31, 2012, (ii) the market value of each of our vessels as of December 31, 2012, (iii) which of our vessels we believe has a basic market value below its carrying value, and (iv) the difference between carrying value and market value represented by each vessel.&#160;&#160;This aggregate difference represents the approximate analysis of the amount by which we believe we would have to reduce our net income if we sold all of such vessels in the current environment, on industry standard terms, in cash transactions, and to a willing buyer where we are not under any compulsion to sell, and where the buyer is not under any compulsion to buy.&#160;&#160;For purposes of this calculation, we have assumed that the vessels would be sold at a price that reflects our estimate of their current basic market values. However, we are not holding our vessels for sale.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">75</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our estimates of basic market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind.&#160;&#160;Our estimates are based on information available from various industry sources, including:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 18pt">
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</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">news and industry reports of similar vessel sales;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">news and industry reports of sales of vessels that are not similar to our vessels, where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">offers that we may have received from potential purchasers of our vessels; and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vessel sale prices and values of which we are aware through both formal and informal communications with ship owners, shipbrokers, industry analysts and various other shipping industry participants and observers.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As we obtain information from various industry and other sources, our estimates of basic market value are inherently uncertain. In addition, vessel values are highly volatile; as such, our estimates may not be indicative of the current or future basic market value of our vessels or prices that we could achieve if we were to sell them.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">76</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Carrying Value as of December 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Market Value&#160;as of December 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Difference between the Carrying Value&#160;and the Market Value as of December 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel Name</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Size</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(dwt.)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160; </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Acquired</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(in millions of U.S. dollars)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(in millions of U.S. dollars)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(in millions of U.S. dollars)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Aurora</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">171,199</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">37.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">20.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Big</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">168,404</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Borealis</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">179,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">38.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">170,631</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">179,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">38.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Sigma</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">184,403</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Cosmo</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,247</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Delta</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,434</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(0.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Epsilon</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,402</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2007</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(0.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Gamma</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53,098</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(0.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Kappa</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,055</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2007</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Omicron</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53,489</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(*)(**)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">16.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Theta</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,425</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2007</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(0.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Zeta</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,994</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">**</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1,475,005</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">291.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">241.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">50.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">*</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Indicates drybulk carriers that we estimate have a lower basic charter-free market value than the vessel's carrying value.&#160;&#160;We estimate that the aggregate carrying value of these vessels exceeds their aggregate basic charter-free market value by approximately $50.2 million.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">**</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Indicates drybulk carriers for which we have adjusted book values, during the year 2012, to be in line with the charter-free market value, which resulted in a recognized impairment loss of $303.2 million.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We believe that if the vessels were sold with those time charters attached, we would receive a premium for those vessels over their basic market value.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">77</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We refer you to the risk factor entitled "The market values of our vessels have declined and may further decline, which could limit the amount of funds that we can borrow or trigger certain financial covenants under our current or future credit facilities and/or we may incur a loss if we sell vessels following a decline in their market value"<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>and the discussion herein under the headings "Critical Accounting Policies &#8211; Impairment of long-lived assets" and "Results of Our Operations &#8211; Year ended December 31, 2012 compared to the year ended December 31, 2011 &#8211; Vessel Impairment Loss".</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">G.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Safe Harbor</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">See section "forward looking statements" at the beginning of this annual report.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 6.</font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Directors, Senior Management and Employees</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Directors, Senior Management and Employees</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Set forth below are the names, ages and positions of our directors, executive officers and key employees. The board of directors is elected annually on a staggered basis, and each director elected holds office until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal or the earlier termination of his term of office. Officers are elected from time to time by vote of our board of directors and hold office until a successor is elected.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">At the 2012 annual general meeting in September 2012, Mr. Koert Erhardt and Mrs. Milena-Maria Pappas were re-elected Class B directors.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="left" valign="middle" width="18%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Name</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Age</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Position</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Spyros Capralos</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">58</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Chief Executive Officer, President and Class C Director</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Simos Spyrou</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">38</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Chief Financial Officer</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Zenon Kleopas</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">58</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Chief Operating Officer</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Petros Pappas</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">60</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Chairman and Class A Director</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Tom Softeland</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">51</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Class A Director</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Koert Erhardt</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">55</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Class B Director</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Milena Maria Pappas</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">29</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Spyros Capralos</font> serves and has served since February 7, 2011 as our Chief Executive Officer, President and director. From October 2004 to October 2010, Mr. Capralos served as Chairman of the Athens Exchange and Chief Executive Officer of the Hellenic Exchanges Group and was the President of the Federation of European Securities Exchanges. He was formerly Vice Chairman of the National Bank of Greece, Vice Chairman of Bulgarian Post Bank, Managing Director of the Bank of Athens and has a ten year banking experience with Bankers Trust Company (now Deutsche Bank) in Paris, New York, Athens, Milan, London. He is the current President of the Hellenic Olympic Committee and served as Secretary General of the Athens 2004 Olympics Games and Executive Director and Deputy Chief Operating Officer of the Organizing Committee for the Athens 2004 Olympic Games. He studied Economics at the University of Athens and earned his Master Degree in Business Administration from INSEAD University in France.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Simos Spyrou</font> serves as our Chief Financial Officer.&#160;&#160;Mr. Spyrou joined us as Deputy Chief Financial Officer in 2011, and was appointed Chief Financial Officer in September 2011.&#160;&#160;From 1997 to 2011, Mr. Spyrou worked at the Hellenic Exchanges (HELEX) Group, the public company which operates the Greek equities and derivatives exchange, the clearing house and the central securities depository. From 2005 to 2011, Mr. Spyrou held the position of Director of Strategic Planning, Communication and Investor Relations at the Hellenic Exchanges Group and he also served as a member of the Strategic Planning Committee of its Board of Directors. From 1997 to 2002, Mr. Spyrou was responsible for financial analysis at the research and technology arm of the Hellenic Exchanges Group.&#160;&#160;Mr. Spyrou attended the University of Oxford, receiving a degree in Mechanical Engineering and an MSc in Engineering, Economics &amp; Management, specializing in finance. Following the completion of his studies at Oxford, he obtained a post graduate degree in Banking and Finance, from Athens University of Economics &amp; Business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Zenon Kleopas</font> serves as our Chief Operating Officer.&#160;&#160;Mr. Kleopas joined us in July 2011 and has over 30 years of experience in the shipping industry. He was actively involved in the acquisition of our initial fleet in 2007 and 2008. He has extensive experience in ship operations and supervising ship management through his continuous employment in Shipping Companies in the U.K. and Greece since 1980. Mr. Kleopas has worked for various shipping companies, including Victoria Steamship Co Ltd. (London), Marship Corporation (renamed Marship Services Inc), Astron Maritime SA, Combine Marine Inc. and Oceanbulk Maritime SA. Before joining us, Mr. Kleopas was the general manager of Combine Marine Inc. and the managing director of Oceanbulk Maritime SA. Mr. Kleopas received a B.Sc. degree in 1978 and a M.Sc. degree in 1980 from Glasgow University, both in Naval Architecture &amp; Ocean Engineering. He is a member of the Technical Chamber of Greece, the Royal Institution of Naval Architects (UK), the Marine Technical Managers' Association of Greece and the Hellenic Technical Committee of classification society RINA.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Petros Pappas</font> serves and has served since our inception as our non-executive Chairman of the board of directors. He served as a member of Star Maritime's board of directors since its inception. Throughout his career as a principal and manager in the shipping industry, Mr. Pappas has been involved in over 120 vessel acquisitions and <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">disposals. In 1989, he founded Oceanbulk Maritime S.A., a dry cargo shipping company that has operated managed vessels aggregating as much as 1.6 million deadweight tons</font> of cargo capacity. He also founded the Oceanbulk Group of affiliated companies, which are involved in the service sectors of the shipping industry.&#160;Additionally, Mr. Pappas ranked among the top 25 Greek ship owners (by number of ocean going vessels) as evaluated by the U.S. Department of Commerce's 2004 report on the Greek shipping industry. Mr. Pappas has been a Director of the UK Defense Club, a leading insurance provider of legal defense services in the shipping industry worldwide, since January 2002, and is a member of the Union of Greek Ship owners (UGS). Mr. Pappas received his B.A. in Economics and his MBA from The University of Michigan, Ann Arbor.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160; <font style="FONT-STYLE: italic; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Tom S&#248;fteland</font></font><font style="FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">&#160;serves and has served since our inception as a member of our board of directors and as chairman of the audit committee. He served as a member of Star Maritime's board of directors&#160;since its inception. During 1982 &#8211; 1990 he served in different positions within Odfjell Chemical Tankers, including operations, chartering and project activities. In August 1990 he joined the shipping department of IS Bank ASA and in 1992 he became the general manager of the shipping, oil &amp; offshore department. As from 1994 he was promoted to Deputy CEO of the bank. During the fourth quarter of 1996, Mr.S&#248;fteland founded Capital Partners A.S. of Bergen, Norway, a financial services firm which specialized in shipping, oil &amp; off-shore finance, investment bank and asset management services. He held the position as CEO until he resigned in June of 2007.As from second half of 2007 and until today, Mr. S&#248;fteland runs his own investment company Styled Spinnaker AS based in Norway. He has also joined several&#160;private and public companies both shipping and non shipping, based in London, New York, Bergen, Athens and Singapore,&#160;as an investor, chairman or director such as EGD Holding AS, SeaSeaShipping Ltd, Tailwind Group and Stream Tankers AS. Mr. S&#248;fteland received his B.Sc. in Economics from the Norwegian School of Business and Administration (NHH).</font></font></font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Koert Erhardt</font> serves and has served since our inception as a member of our Board. He is currently the Managing Director of Augustea Bunge Maritime Ltd. of Malta. From September 2004 to December 2004, he served as the Chief Executive Officer and a member of the Board of CC Maritime S.A.M., an affiliate of the Coeclerici Group, an international conglomerate whose businesses include shipping and transoceanic transportation of drybulk materials. From 1998 to September 2004, he served as General Manager of Coeclerici Armatori S.p.A. and Coeclerici Logistics S.p.A., affiliates of the Coeclerici Group, where he created a shipping pool that commercially managed over 130 vessels with a carrying volume of 72 million tons and developed the use of the Freight Forward Agreement trading, which acts as a financial hedging mechanism for the pool. From 1994 to 1998, he served as the General Manager of Bulk Italia, a prominent shipping company which at the time owned and operated over 40 vessels. From 1990 to 1994, Mr. Erhardt served in various positions with Bulk Italia. From 1988 to 1990, he was the Managing Director and Chief Operating Officer of Nedlloyd Drybulk, the drybulk arm of the Nedlloyd Group, an international conglomerate whose interests include container ship liner services, tankers, oil drilling rigs and ship brokering. Mr. Erhardt received his Diploma in Maritime Economics and Logistics from Hogere Havenen Vervoersschool (now Erasmus University), Rotterdam, and successfully completed the International Executive Program at INSEAD, Fontainebleau, France. Mr. Erhardt has also studied at the London School of Foreign Trade.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Milena- Maria Pappas</font> serves and has served since October 1, 2009 as a member of our Board.&#160; Milena Maria Pappas is the daughter of the Chairman of the Board, Mr. Petros Pappas.&#160; She has worked in the commercial department of Oceanbulk Maritime S.A. since 2007. In the past, Ms. Pappas has been employed as a chartering broker and consultant in the commercial department of Interchart Shipping Inc., a company that was affiliated with Oceanbulk Maritime S.A. From 2006 until the end of 2007, Ms. Pappas was employed at Oceanbulk, in the finance department. In 2004 and 2005, she trained at Merrill Lynch in the private wealth department and thereafter at the Coeclerici Group in the risk management department. In2004, while at Merrill Lynch, she assisted in founding the "Women's Milestones" program. In 2005, Ms. Pappas graduated from Cornell University, N.Y. and in 2007 she received a Master of Science in Shipping, Trade and Finance degree from Cass University, London."</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Compensation of Directors and Senior Management</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For the year ended December 31, 2012, aggregate compensation to our senior management was $453,297.&#160;&#160;Non-employee directors of Star Bulk receive an annual cash retainer of $15,000, plus a fee of $1,000 for each board and committee meeting attended, including meetings attended telephonically. The chairman of the audit committee receives an additional $7,500 per year and each chairman of our other standing committees will receive an additional $5,000 per year. In addition, each director is reimbursed for out-of-pocket expenses in connection with attending meetings of the board of directors or committees. We do not have a retirement plan for our officers or directors.&#160;&#160;The table below summarizes the fees of the board of directors for the year ended December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Petros Pappas</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Tom Softeland</font></div>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">32,500</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Peter Espig</font></div>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,230</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Koert Erhardt</font></div>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">35,000</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Milena Pappas</font></div>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19,000</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Prokopios Tsirigakis*</font></div>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,730</font></td>
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<td valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">124,460</font></td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Mr. Prokopios Tsirigakis resigned from our Board of Directors effective as of March, 31, 2012.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The term of Class B director, Mr. Peter Espig, expired at the 2012 Annual Meeting of Shareholders that was held on September 7, 2012.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Equity Incentive Plan</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On August 31, 2011, we adopted an equity incentive plan, which we refer to as the 2011 Equity Incentive Plan, under which officers, key employees, directors and consultants of the Company and its subsidiaries will be eligible to receive options to acquire shares of common stock, stock appreciation rights, restricted stock and other stock-based or stock-denominated awards. We reserved a total of 133,333 common shares for issuance under the plan, subject to adjustment for changes in capitalization as provided in the plan. The purpose of the 2011 Equity Incentive Plan is to encourage ownership of common shares by, and to assist us in attracting, retaining and providing incentives to, its officers, key employees, directors and consultants whose contributions to us are or will be important to our success and to align the interests of such persons with our stockholders. The various types of incentive awards that may be issued under the 2011 Equity Incentive Plan will enable us to respond to changes in compensation practices, tax laws, accounting regulations and the size and diversity of its business. The plan is administered by our compensation committee, or such other committee of our board of directors as may be designated by the board to administer the plan. The plan permits grants of options to purchase common stock, stock appreciation rights, restricted stock, restricted stock units and unrestricted stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the terms of the plan, stock options and stock appreciation rights granted under the plan will have an exercise price per common share equal to the fair market value of a common share on the date of grant, unless otherwise determined by the plan administrator, but in no event will the exercise price be less than the fair market value of a common share on the date of grant. Options and stock appreciation rights are exercisable at times and under conditions as determined by the plan administrator, but in no event will they be exercisable later than ten years from the date of grant.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The plan administrator may grant common shares of restricted stock and awards of restricted stock units subject to vesting and forfeiture provisions and other terms and conditions as determined by the plan administrator. Upon the vesting of a restricted stock unit, the award recipient will be paid an amount equal to the number of restricted stock units that then vest multiplied by the fair market value of a common share on the date of vesting, which payment may be paid in the form of cash or common shares or a combination of both, as determined by the plan administrator. The plan administrator may grant dividend equivalents with respect to grants of restricted stock units.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Adjustments may be made to outstanding awards in the event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a "change in control" (as defined in the plan), unless otherwise provided by the plan administrator in an award agreement, awards then outstanding shall become fully vested and exercisable in full.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Board may amend or terminate the plan and may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair any rights, or materially increase any obligations, of a grantee under an outstanding award. Stockholder approval of plan amendments may be required in certain definitive, pre-determined circumstances if required by applicable rules of a national securities exchange or the Commission. Unless terminated earlier by the board of directors, the plan will expire ten years from the date on which the plan was adopted by the board of directors.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In 2007 and 2010, we adopted the 2007 Equity Incentive Plan and the 2010 Equity Incentive Plan, respectively, and reserved for issuance 133,333 common shares under each plan.&#160;&#160;The terms and conditions of the 2007 and 2010 Equity Incentive Plans are substantially similar to those of the 2011 Equity Incentive Plan.&#160;&#160;All of the common shares that were reserved for issuance under the 2007 Equity Incentive Plan were issued and those grants remain in full force and effect.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 3, 2007, 6,000 restricted non-vested common shares to Prokopios (Akis) Tsirigakis, our former President and Chief Executive Officer, subject to applicable vesting of 2,000 common shares on each of July 1, 2008, 2009 and 2010;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 3, 2007, 5,000 restricted non-vested common shares to George Syllantavos, our former Chief Financial Officer, subject to applicable vesting of 1,666 common shares on each of July 1, 2008, 2009 and 2010;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 31, 2008, 10,000 restricted non-vested common shares to Peter Espig, our former Director, subject to applicable vesting of 5,000 common shares on each of April 1, 2008 and 2009;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 5, 2008, an aggregate of 8,667 restricted non-vested common shares to all of our employees and an aggregate of 62,667 non-vested restricted common shares to the members of our board of directors.&#160;&#160;All of these shares vested on January 31, 2009;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 4, 2010, an aggregate of 7,707 restricted non-vested common shares to all of our employees subject to applicable vesting of 4,624 common shares on June 30, 2010 and 3,083 common shares on June 30, 2011;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 24, 2010, an aggregate of 65,333 restricted non-vested common shares to the members of our board of directors subject to applicable vesting of 32,667 common shares on each of June 30 and September 30, 2010;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 20, 2010, an aggregate of 71,333 restricted non-vested common shares to the members of our board of directors and 9,333 restricted non-vested common shares to all of our employees.&#160;&#160;All of these shares vested on December 31, 2010 and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 18, 2011, an aggregate of 16,533 restricted non-vested common shares to Mr. George Syllantavos, our former Chief Financial Officer pursuant to an agreement dated May 12, 2011 covering the terms of his severance. All of these shares vested on August 31, 2011.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On April 6, 2012, an aggregate of 5,333 vested restricted common shares to George Syllantavos, upon his resignation from our board of directors on August 31, 2011.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On April 20, 2012, an aggregate of 90,667 restricted common shares, which vested on March 30, 2012, to certain directors, officers, employees of the Company and its subsidiaries; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On April 20, 2012, the first installment of 9,333 restricted common shares, to Mr. Spyros Capralos, our Chief Executive Officer, pursuant to the terms of his consulting agreement effective as of February 7, 2011. These shares vested on February 7, 2012.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The term of the Company's Class A directors expires in 2014;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The term of Class B directors expires in 2015; and</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The term of Class C director expires in 2013.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Employment and Consultancy Agreements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Management entered into an employment agreement with Mr. Spyros Capralos in February 2011 for work performed for Star Bulk.&#160;&#160;Star Bulk has also entered into a separate consulting agreement with a company owned and controlled by Mr. Capralos in February 2011 for work performed by him outside of Greece. Each of these agreements has a term of three years unless terminated earlier or renewed in accordance with the terms of such agreements.&#160;&#160;Under the employment agreement, Mr. Capralos will receive an annual base salary which is subject to increase based on annual review by the compensation committee of our board of directors. Under the consulting agreement, the company controlled by Mr. Capralos is entitled to receive an annual consulting fee. Mr. Capralos will also receive additional incentive compensation as determined annually by the compensation committee of our board of directors, in accordance with the terms and subject to the conditions of the consultancy agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Pursuant to the agreements, Mr. Capralos may engage in other business activities with companies in the international shipping industry provided that such companies are not publicly traded drybulk shipping companies. Mr. Capralos will be prohibited for a period of three months after the termination of their employment from participating in business activities with publicly traded companies in competition with Star Bulk unless they obtain Star Bulk's prior written consent.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Mr. Capralos is also entitled to receive benefits under his consultancy agreement with Star Bulk Management, including, receipt of annual bonuses and discretionary bonuses to be determined by our board of directors in its sole discretion, stock options and other equity grants pursuant to our equity incentive plan and a monthly car allowance.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Mr. Capralos is entitled to severance payments upon the termination of his position.&#160;&#160;In the event he is terminated without cause, Mr. Capralos will receive under his employment and consultancy agreements all accrued and unpaid salary through the date of termination, an amount equal to two times their annual salary plus the average of his annual incentive awards for each of the three years preceding the year of the termination and a pro rata bonus for the year in which the termination occurs.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Management entered into an employment agreement with Mr. Simos Spyrou in May 2011 for work performed for Star Bulk.&#160;&#160;Star Bulk has also entered into a separate consulting agreement with a company owned and controlled by Mr. Spyrou in May 2011 for work performed by him outside of Greece. Each of these agreements has a term of three years unless terminated earlier or renewed in accordance with the terms of such agreements.&#160;&#160;Under the employment agreement, Mr. Spyrou will receive an annual base salary which is subject to increase based on annual review by the compensation committee of our board of directors. Under the consulting agreement, the company controlled by Mr. Spyrou is entitled to receive an annual consulting fee.</font></div>

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</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">83</font></div>

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<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Management entered into a consulting agreement with a company owned and controlled by Mr. Kleopas in July 2011. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under the consulting agreement, the company controlled by Mr. Kleopas is entitled to receive an annual consulting fee.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Officers of Star Bulk will be eligible to receive discretionary bonus awards and/or awards under Star Bulk's equity incentive plan in such amounts, if any, as determined by the board of directors of Star Bulk, in its sole discretion. In making such determinations, Star Bulk's board of directors will consider the then prevailing operations and financial condition of Star Bulk, including any contingencies that are then known, as well as the amount of compensation paid to similarly situated officers of other companies in the seaborne transportation industry.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Committees of the Board of Directors</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our audit committee is responsible for, among other things, (i) reviewing our accounting controls, (ii) making recommendations to the board of directors with respect to the engagement of our outside auditors and (iii) reviewing all related party transactions for potential conflicts of interest and all those related party transactions and subject to approval by our audit committee.&#160;&#160;Our compensation committee, which is comprised of three directors, two of which are independent, is responsible for, among other things, recommending to the board of directors our senior executive officers' compensation and benefits.&#160;&#160;Our nominating and corporate governance committee, which is comprised of two independent directors, is responsible for, among other things, recommending to the board of directors nominees for director and directors for appointment to board committees and advising the board with regard to corporate governance practices. Shareholders may also nominate directors in accordance with procedures set forth in our amended and restated bylaws.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our Audit Committee consists of Mr. Koert Erhardt and Mr. Tom Softeland, who&#160;is the chairman of the committee. Our Compensation Committee consists of Mr. Tom Softeland, Mr. Spyros Capralos and Mr. Koert Erhardt, who is the chairman of the committee. Our Nominating Committee consists of Mr. Tom Softeland and Mr. Koert Erhardt, who is the chairman of the committee.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">D.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Employees</font></div>
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</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012 and March 18, 2013 we had fifty-five employees, including our Chief Executive Officer and Chief Financial Officer, of which fifty-three employees were engaged in the day to day management of the vessels in our fleet.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">E.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Share Ownership</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">With respect to the total amount of common stock owned by all of our officers and directors, individually and as a group, see Item 7 "Major Shareholders and Related Party Transactions."</font></div>

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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">84</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 7.</font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Major Shareholders and Related Party Transactions</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Major Shareholders</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table presents certain information as of March 18, 2013 regarding the ownership of our common shares with respect to each shareholder, who we know to beneficially own more than five percent of our outstanding common shares, and our directors.</font></font></div>

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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="#cceeff">
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares of common stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Beneficial Owner</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount </font>(1)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom">
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</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Harsha Gowda (2)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">293<font style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt">,</font>349</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.43</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Milena Maria Pappas (3)</font></font></div>
</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">220,575</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="FONT-SIZE: 11pt">Koert Erhardt</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt">53,947</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt"><font style="FONT-SIZE: 11pt"><font style="FONT-SIZE: 11pt">Tom Softe<font style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt">land</font></font></font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">37,675</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">All other directors and executive officers</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">*</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Percentage amounts based on 5,400,810 common shares outstanding as of December 31, 2012.</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Based on information obtained in a schedule 13G filed with the commission on December 13, 2012.</font></div>
</td>
</tr><tr>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="72%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(3)</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">On July 31, 2012, Mr. Petros Pappas, Chairman of the board of directors of the Company, transferred all of the common shares of the Company that he beneficially owned to his two children for estate planning purposes. Mrs. Milena - Maria Pappas, a Class B director of the Company and the daughter of Mr. Petros Pappas, and Mr. Alexandros Pappas, the son of Mr. Petros Pappas, each received 200,575 restricted common shares representing approximately 3.7% of the Company's outstanding common shares.</font></div>
</td>
</tr><tr>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="72%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">*</font></div>
</td>
<td valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Less than 1%.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td align="left" valign="top" width="72%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our major shareholders have the same voting rights as our other shareholders.&#160;&#160;No corporation or foreign government owns more than 50% of our outstanding common shares.&#160;&#160;We are not aware of any arrangements, the operation of which may at a subsequent date result in a change in control of Star Bulk.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of March 18, 2013,&#160;5,400,810 of our outstanding common shares were held in the United States by 28 holders of record, including Cede &amp; Co., the nominee for the Depository Trust Company, which held&#160;4,166,310 of those shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">B.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Related Party Transactions</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Oceanbulk Maritime, S.A., a related party, has paid for certain expenses on behalf of Star Maritime. Oceanbulk, a ship management company of drybulk vessels, is controlled by our director Mrs. Milena-Maria Pappas. We also paid to Oceanbulk a brokerage commission in the amount of $660,000 in connection with the sale of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font> in 2010.&#160;&#160;As of December 31, 2010 we did not have an outstanding receivable balance with Oceanbulk Maritime, S.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During 2011, we reimbursed Oceanbulk Maritime S.A. for $148,391 of expenses related to the renovation of our new office that Oceanbulk Maritime S.A. paid on behalf of us. As of December 31, 2011, we had an outstanding payable balance of $8,275 with Oceanbulk Maritime, S.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During 2012, we paid to Oceanbulk a brokerage commission of $91,264 regarding the sale of the vessel <font style="FONT-STYLE: italic; DISPLAY: inline">Star Ypsilon. </font>As of December 31, 2012 we did not have an outstanding receivable balance with Oceanbulk Maritime, S.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">85</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Interchart Shipping Inc. or Interchart, a company that was affiliated with Oceanbulk, acts as a chartering broker for all of the Company's vessels.&#160;&#160;As of December 31, 2012, and2011, Star Bulk had an outstanding liability of $99,854, and $260,106 respectively, to Interchart.&#160;&#160;During the years ended December 31, 2012, 2011 and 2010, the brokerage commission on charter revenue charged by Interchart amounted $1,133,829, $1,236,812 and $1,539,898 respectively, and is included in "Voyage expenses" in the consolidated statements of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 10, 2007, we entered into separate employment agreements with each of Mr. Tsirigakis and Mr. Syllantavos to employ them as our Chief Executive Officer and President, and our Chief Financial Officer and Secretary, respectively. Each of these agreements had a term of three years unless terminated earlier in accordance with their respective terms. Each of these agreements provided for an annual salary and additional incentive compensation as determined annually by the compensation committee of our board of directors.&#160;&#160;The aggregate related expenses for 2012, 2011 and 2010 were $0, $62,877 and $199,500, respectively, and are included in general and administrative expenses in the consolidated statement of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 3, 2007, we also entered into separate consulting agreements with companies owned and controlled by our former Chief Executive Officer and former Chief Financial Officer respectively. Each of these agreements has a term of three years unless terminated earlier in accordance with the terms of such agreements. Under the consulting agreements, each company controlled by Messrs. Tsirigakis and Syllantavos received an annual consulting fee. Messrs. Tsirigakis and Syllantavos received incentive compensation as determined annually by the compensation committee of our board of directors.&#160;&#160;The aggregate related expenses for 2012, 2011 and 2010, were $0, $337,241 and $874,001, respectively, and are included in general and administrative expenses in the consolidated statement of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 2, 2011, we entered into an agreement with Mr. Tsirigakis relating to his employment with the Company. On February 7, 2011, Mr. Tsirigakis was succeeded by Mr. Spyros Capralos as our Chief Executive Officer and President.&#160;&#160;Mr. Tsirigakis received a severance payment of $2,347,402 from us pursuant to the terms and subject to the conditions of his employment and consultancy agreements with us.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Effective February 7, 2011, we entered into an employment agreement with Mr. Capralos to employ him as our Chief Executive Officer and President. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under the employment agreement, Mr. Capralos is entitled to receive an annual salary and additional incentive compensation as determined annually by the compensation committee of our board of directors. The related expenses for 2012 and 2011 were $105,496 and $93,686, respectively, and are included in general and administrative expenses in the consolidated statement of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Effective February 7, 2011, we also entered into a separate consulting agreement with a company owned and controlled by Mr. Capralos, for work performed by him outside of Greece. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under the consulting agreement, the company controlled by Mr. Capralos is entitled to receive an annual consulting fee. Mr. Capralos will also receive additional incentive compensation as determined by the compensation committee of our board of directors. The related expenses for 2012 and 2011 were $229,532 and $224,941, respectively, and are included in general and administrative expenses in the consolidated statement of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Mr. Capralos is also subject to non-competition and non-solicitation covenants during the term of his employment and consultancy agreements and for a period of three months following termination for any reason.</font></div>

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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">86</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 2, 2011, Star Bulk Management Inc. entered into an employment agreement with Mr. Simos Spyrou, our Chief Financial Officer. On the same date, we also entered into a separate consulting agreement with a company owned and controlled by Mr. Spyrou for work performed by him outside of Greece. Each of these agreements has a term of three years. Under the employment agreement, Mr. Spyrou receives an annual base salary that may increase based on annual review by the compensation committee of our board of directors and the related expenses for 2012 and 2011 were $92,309 and $61,465, respectively, and are included in general and administrative expenses in the consolidated statement of operations. . Under the consulting agreement, the company controlled by Mr. Spyrou receives an annual consulting fee and additional incentive compensation as determined annually by the compensation committee of our board of directors and the related expenses for 2012 and 2011 were $72,219 and $52,135, respectively, and are included in general and administrative expenses in the consolidated statement of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 12, 2011, we entered into an agreement with Barrington Corporation, or Barrington, a Marshall Islands company minority owned by family members of our Chairman, Mr. Petros Pappas, to acquire a 1994-built Capesize vessel, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega </font>(formerly the <font style="FONT-STYLE: italic; DISPLAY: inline">Megalodon</font>)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>along with its long-term time charter, for an aggregate purchase price of $23.7 million. On the same date, we also entered into an agreement with Donatus Marine Inc., or Donatus Marine, a Marshall Islands company minority owned by family members of our Chairman, to acquire a 1996-built Capesize vessel, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>(formerly the <font style="FONT-STYLE: italic; DISPLAY: inline">Big Fish) </font>along with its long-term time charter, for an aggregate purchase price of $27.8 million. <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big</font>, which was delivered to us on July 25, 2011, and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega</font>, which was delivered to us on August 16, 2011, continued their employment under long-term time charters with a multinational mining group. Pursuant to our agreements with the sellers of these vessels, we received a daily rate of $17,625 with respect to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Big </font>and $17,153 with respect to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Mega </font>during the period from July 1, 2011, until each respective vessel was delivered to us. In lieu of receiving these payments aggregate amounts accrued over this period were deducted from the aggregate purchase price of each vessel paid by us.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 12, 2011, we entered into an agreement with our former Chief Financial Officer, Mr. George Syllantavos, relating to his employment with us. Pursuant to that agreement, Mr. Syllantavos received a severance payment from us of &#8364;320,000 (or $462,829) in cash and 21,866 restricted common shares pursuant to the terms and subject to the conditions of his employment and consultancy agreements with us. Mr. Syllantavos resigned as our Chief Financial Officer and from our board of directors effective as of August 31, 2011, at which time we were required to pay the cash amounts described above.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under this agreement the Company will pay the new Chief Operating Officer a base fee at an annual rate of not less &#8364;117,519 (approx. $154,972). The related expenses for 2012 and 2011 were $151,546 and $81,876, respectively, and are included in general and administrative expenses in the consolidated statement of operations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 4, 2011, Starbulk S.A., our in house vessel manager, entered into a 12-year lease agreement for office space with Combine Marine Inc., a company that was controlled by one of our directors, Mrs. Milena- Maria Pappas and by Mr. Alexandros Pappas, children of our Chairman Mr. Petros Pappas., with monthly rent payments of &#8364;5,000 (approx. $6,593). This lease agreement was mutually terminated without Star Bulk paying any compensation. For the year ended December 31, 2011, the related expenses were $47,979 and the outstanding payable balance to Combine Marine Inc. as of December 31, 2011 was $26,589.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 1, 2012, Starbulk S.A. entered into a one year lease agreement for office space with Combine Ltd., a company controlled by one of our directors, Mrs. Milena &#8211; Maria Pappas and by Mr. Alexandros Pappas, children of our Chairman Mr. Petros Pappas. The lease agreement provided for a monthly rental of &#8364;2,500 (or $3,297). The related expense for the rent for the year ended December 31, 2012 was $39,547 and is included under "General and administrative expenses" in the accompanying consolidated statements of operations. As of December 31, 2012, the Company had no outstanding payable balance with Combine Marine Ltd.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 27, 2012, Star Bulk S.A. entered into an agreement with Maiden Voyage LLC, a Marshall Islands company, for the commercial and technical management of the&#160;Maiden Voyage, a 2012 built Supramax dry bulk carrier. Pursuant to the terms of this management agreement, we will receive a fixed management fee of $750 per day beginning on September 28, 2012 and until two months after the termination by either party upon written notice. This vessel will be managed under the same strategy as the other vessels in our fleet.&#160;&#160;Maiden Voyage LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by our directors, Mrs. Milena-Maria Pappas. The related income for the year ended December 31, 2012, including reimbursement of predelivery expenses incurred by us,&#160;was $128,050 and is included under "Management fee income" in the accompanying consolidated statements of operations. As of December 31, 2012 the Company had an outstanding payable balance of $40,470 with Maiden Voyage LLC.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 18, 2012, Star Bulk S.A. entered into an agreement with OOCAPE1 Holdings LLC, a Marshall Islands company, for the commercial and technical management of&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">Obelix</font>, a 2011 built Capesize dry bulk carrier. Pursuant to the terms of this management agreement, we will receive a fixed management fee of $750 per day beginning on October 19, 2012 and until two months after termination by either party upon written notice. This vessel will be managed under the same strategy as the other vessels in our fleet.&#160;&#160;OOCAPE1 Holdings LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by our director, Mrs. Milena-Maria Pappas. The related income for the year ended December 31, 2012, including reimbursement of predelivery expenses incurred by us,&#160;was $75,700 and is included under "Management fee income" in the accompanying consolidated statements of operations. As of December 31, 2012 the Company had an outstanding receivable balance of $147,057 with Maiden Voyage LLC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Legal Proceedings</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We commenced arbitration proceedings against Ishhar Overseas FZE of Dubai, or Ishhar, for repudiatory breach of the charterparties due to the nonpayment of charterhires related to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Kappa</font>.&#160;&#160;Both we and Ishhar have appointed arbitrators and we have filed claim submissions against the Ishhar.&#160;&#160;Additional arbitration proceedings have been commenced against the parent company of Ishhar, Bhatia International Limited, Bhatia, on the grounds that Ishhar acted as an agent for the undisclosed principal Bhatia.&#160;&#160;In December 2010, we arrested <font style="FONT-STYLE: italic; DISPLAY: inline">Harkripa</font>, a vessel owned by Bhatia, in South Africa on an associate ship basis as security for the claim related to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Epsilon </font>described above. <font style="FONT-STYLE: italic; DISPLAY: inline">Harkripa</font> was voluntarily released by us in November 2011 following commencement of settlement discussions. A conditional settlement agreement was signed on September 5, 2012, under which we will receive a cash payment of $5.0 million in 17 monthly installments, the first installment was received upon the execution of the settlement agreement and the next sixteen will be received the last day of each month beginning from September 30, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During July 2010 a dispute arose between us and Deiulemar, which was the charterer of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Beta</font>, amounting to $1.73 million, which was included under "Trade accounts receivable, net" in the accompanying consolidated balance sheets.&#160;&#160;The dispute concerns (i) breach of the charterparty by Dieulemar and resulting damages incurred by us due to the late delivery of such vessel, which was delivered after the applicable redelivery date under that charterparty, and (ii) such charterers' allegations that the vessel's performance did not meet the requirements set forth in the charterparty. Pursuant to a settlement agreement signed on February 20, 2012, we received the amount of $1.04 million, the arbitration proceedings were discontinued and each party released each other from its respective claim. This event qualified as an adjusting subsequent event and therefore we recognized a provision of $0.7 million, which is included under "Bad debt expense" in our consolidated statements of operations for the year ended December 31, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 18, 2011, we received a letter from Korea Line Corporation, or KLC, the charterer of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, notifying us of the commencement of rehabilitation proceedings of KLC in Korea and the related schedule for making registered claims against KLC in those proceedings.&#160;&#160;On March 31, 2011, we filed their registered claims with the Bankruptcy Division of the Korean courts relating to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>.&#160;&#160;The rehabilitation plan was approved by the required majority vote of KLC's lenders which provided for payments in cash and in shares for a period of ten years to KLC's counterparties in relation to the unsecured claims. In addition, and with respect to the common benefit claims (secured claims), following an agreement with the joint receivers of KLC, we agreed to settle the common benefit claim of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> by way of two equal annual cash payments in the aggregate amount of $344,857, both installments have been received. With respect to our claims related to <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, pursuant to a separate agreement with the joint receivers of KLC, the due hire which represented the common benefit claim was paid directly from sub charterers to the Company and the remaining due hire representing unsecured claims is expected to be settled pursuant to the approved rehabilitation plan. As per rehabilitation plan, on December 31, 2012 we received the amounts of $12,055 and $740, representing the annual payment of the rehabilitation plan of <font style="FONT-STYLE: italic; DISPLAY: inline">Star Gamma</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font>, respectively. On November 19, 2012, we received 46,007 shares of KLC as part of the rehabilitation plan described above, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to approximately $144,000.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 13, 2011, <font style="FONT-STYLE: italic; DISPLAY: inline">Star Cosmo</font> was retained by the port authority in the Spanish port of Almeria and was released on July 16, 2011. According to the port authority, the vessel allegedly discharged oily water while sailing in Spanish waters in May 2011, more than two months earlier, and related records were allegedly deficient. Administrative investigation commenced locally. We posted cash collateral of &#8364;340,000 (or $448,358) to guarantee the payment of fines that may be assessed in the future and the vessel was released. At the time of the alleged incident, Union Commercial, Inc., an unaffiliated third party ship management company, was the vessel's technical manager. We are not aware, pending the outcome of the investigation, whether there is a probable liability nor can we estimate our exposure. Up to $1 billion of the liabilities associated with the individual vessels' actions, mainly for sea pollution, are covered by the Protection and Indemnity (P&amp;I) Club Insurance. The cash collateral of &#8364;340,000 has been released to the Company in March 2012, after being replaced by a P&amp;I Letter of undertaking. Pending the final court adjudication of the fines, the fines up to date have been reduced by the Spanish authorities to &#8364;260,000.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We have not been involved in any legal proceedings which we believe may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor are we aware of any proceedings that are pending or threatened which we believe may have a significant effect on our business, financial position, and results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Dividend Policy</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We pay dividends, if any, on a quarterly basis from our operating surplus, in amounts that allowed us to retain a portion of our cash flows to fund vessel or fleet acquisitions, and for debt repayment and other corporate purposes, as determined by our management and board of directors. The declaration and payment of dividends will be subject at all times to the discretion of our board of directors. The timing and amount of dividends will depend on our earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in our loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent, or would be rendered insolvent upon the payment of such dividends, or if there is no surplus, dividends may be declared or paid out of net profits for the fiscal year in which the dividend is declared, and for the preceding fiscal year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We believe that, under current law, our dividend payments from earnings and profits would constitute "qualified dividend income" and as such will generally be subject to a preferential United States federal income tax rate (subject to certain conditions) with respect to non-corporate individual stockholders. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of a United States stockholder's tax basis in its common stock on a Dollar-for-Dollar basis and thereafter as capital gain. Please see Item 10 "Additional Information&#8212;Taxation" for additional information relating to the tax treatment of our dividend payments.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our dividend payments for 2012 were as follows: (i) we declared a dividend of $0.225 per outstanding share of our common stock for the three months ending March 31, 2012 that was paid on June 19, 2012 to shareholders of record as of June 13, 2012; and (ii) we declared a dividend of $0.225 per outstanding share of our common stock for the three months ending June 30, 2012 that was paid on September 14, 2012 to shareholders of record as of September 10, 2012.</font></div>

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</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Changes.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">There have been no significant changes since the date of the annual consolidated financial statements included in this annual report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 9.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The Offer and Listing</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">A.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Offer and Listing Details</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company's common stock is traded on the Nasdaq Global Select Market under the symbol "SBLK."</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table sets forth, for the five most recent fiscal years, the high and low prices for the common stock on the Nasdaq Global Select Market.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCK</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal year ended December 31,</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">41.85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">48.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">33.60</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">80.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">18.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2008</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">215.10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">27.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table sets forth, for each full financial quarter for the two most recent fiscal years, the high and low prices of the common stock on the Nasdaq Global Select Market.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal year ended December 31, 2012</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1st Quarter ended March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.38</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2nd Quarter ended June 30, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14.99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10.67</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3rd Quarter ended September 30, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11.69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7.50</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4th Quarter ended December 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<br>
<div>
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal year ended December 31, 2011</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1st Quarter ended March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">41.85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">35.40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2nd Quarter ended June 30, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">29.85</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3rd Quarter ended September 30, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">30.90</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">18.45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4th Quarter ended December 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">21.60</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">91</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table sets forth, for the most recent six months, the high and low prices for the common stock on the Nasdaq Global Select Market.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">High</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Low</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">March 2013 (through and including March 18, 2013)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6.22</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">&#160;</td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">February 2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6.68</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">January 2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7.39</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6.16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.97</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">November 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">October 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">September 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9.90</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our third amended and restated articles of incorporation were filed as Exhibit 1 to our Report on Form 6-K filed with the Commission on October 15, 2012 and incorporated by reference into Exhibit 1.1 to of this Annual Report.&#160;&#160;Pursuant to the third amended and restated articles of incorporation, we effected a 15-for-1 reverse stock split of our issued and outstanding common shares, par value $0.01 per share, effective as of October 15, 2012. The reverse stock split was approved by shareholders at our annual general meeting of shareholders held on September 7, 2012. The reverse stock split reduced the number of our issued and outstanding common shares from 81,012,403 common shares to 5,400,810 common shares and affected all issued and outstanding common shares. The number of our authorized common shares was not affected by the reverse split. No fractional shares were issued in connection with the reverse stock split.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under our third amended and restated articles of incorporation, our authorized capital stock consists of 325,000,000 registered shares of stock:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">300,000,000 common shares, par value $0.01 per share; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">25,000,000 preferred shares, par value $0.01 per share.&#160;&#160;<font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Our board of directors shall have the authority to issue all or any of the preferred shares in one or more classes or series with such voting powers, designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions as shall be stated in the resolutions providing for the issue of such class or series of preferred shares.</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of the date of this annual report and after giving effect to the reverse stock split discussed above, we had issued and outstanding 5,400,810 common shares. No preferred shares are issued or outstanding.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, our third amended and restated articles of incorporation grant the Chairman of our Board of Directors a tie- breaking vote in the event the board of directors' vote is evenly split or deadlocked on a matter presented for vote.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our purpose, as stated in Section B of our amended and restated articles of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the Marshall Islands Business Corporations Act (the "BCA")</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Directors</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our directors are elected by a majority of the votes cast by stockholders entitled to vote in an election. Our amended and restated articles of incorporation provide that cumulative voting shall not be used to elect directors. Our board of directors must consist of at least three members. The exact number of directors is fixed by a vote of at least 66 2/3% of the entire board. Our amended and restated articles of incorporation provide for a staggered board of directors whereby directors shall be divided into three classes: Class A, Class B and Class C, which shall be as nearly equal in number as possible. Shareholders, acting as at a duly constituted meeting, or by unanimous written consent of all shareholders, initially designated directors as Class A, Class B or Class C with only one class of directors being elected in each year and following the initial term for each such class, each class will serve a three-year term. The term of our board of directors is as follows: (i) the term of the Company's Class A directors expires in 2014; (ii) the term of Class B directors expires in 2015; and (iii) the term of Class C director expires in 2013. Each director serves his respective term of office until his successor has been elected and qualified, except in the event of his death, resignation, removal or the earlier termination of his term of office. Our board of directors has the authority to fix the amounts which shall be payable to the members of the board of directors for attendance at any meeting or for services rendered to us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Stockholder Meetings</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under our amended and restated bylaws, annual stockholder meetings will be held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands. Special meetings may be called by the board of directors, chairman of the board or by the president. Our board of directors may set a record date between 10 and 60 days before the date of any meeting to determine the stockholders that will be eligible to receive notice and vote at the meeting.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the BCA, our stockholders have the right to dissent from various corporate actions, including any merger or consolidation, sale of all or substantially all of our assets not made in the usual course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our amended and restated articles of incorporation, a stockholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting stockholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting stockholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which the Company's shares are primarily traded on a local or national securities exchange.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the BCA, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of common stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Indemnification of Officers and Directors</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our amended and restated bylaws includes a provision that entitles any our directors or officers to be indemnified by us upon the same terms, under the same conditions and to the same extent as authorized by the BCA if he acted in good faith and in a manner reasonably believed to be in and not opposed to our best interests, and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are also authorized to carry directors' and officers' insurance as a protection against any liability asserted against our directors and officers acting in their capacity as directors and officers regardless of whether we would have the power to indemnify such director or officer against such liability bylaw or under the provisions of our bylaws. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive officers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The indemnification provisions in our amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Several provisions of our amended and restated articles of incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these anti -takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a stockholder may consider in its best interest and (2) the removal of incumbent officers and directors.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the terms of our amended and restated articles of incorporation, our board of directors has authority, without any further vote or action by our stockholders, to issue up to 25.0 million shares of blank check preferred stock. Our board of directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our amended and restated articles of incorporation provide for a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year. The classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our company. It could also delay stockholders who do not agree with the policies of the board of directors from removing a majority of the board of directors for two years.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our bylaws provide that if a quorum is present, and except as otherwise expressly provided by law, the affirmative vote of a majority of the shares of stock represented at the meeting shall be the act of the shareholders. Shareholders may act by way of written consent in accordance with the provisions of Section 67 of the BCA.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Advance Notice Requirements for Shareholder Proposals and Director Nominations</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our amended and restated articles of incorporation provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder's notice must be received at our principal executive offices not less than 120 days nor more than 180 days prior to the one year anniversary of the preceding year's annual meeting. Our articles of incorporation also specify requirements as to the form and content of a shareholder's notice. These provisions may impede shareholders' ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">C.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Material Contracts</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, we had five credit facilities with lenders, including Commerzbank A.G., Credit Agricole Corporate and Investment Bank, HSH Nordbank, and ABN AMRO Bank N.V., as agent and as lender. For a discussion of our term loan facilities, please see the section of this annual report entitled "Operating and Financial Review and Prospects &#8211; Liquidity and Capital Resources &#8211; Senior Secured Credit Facilities."&#160;&#160;We have no other material contracts, other than contracts entered into in the ordinary course of business, to which we are a party.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under Marshall Islands and Greek law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">E.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Taxation</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following is a discussion of the material Marshall Islands and U.S. federal income tax regimes relevant to an investment decision with respect to our common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. Taxation</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following discussion is based upon the provisions of the U.S. Internal Revenue Code of 1986, as amended, or the "Code", existing and proposed regulations promulgated thereunder by the U.S. Department of the Treasury, or the "Treasury Regulations," administrative rulings, pronouncements and judicial decisions, all as of the date of this Annual Report, and all of which are subject to change, possibly with retroactive effect.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Tax Classification of the Company</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Maritime was a Delaware corporation which merged into the Company pursuant to the Redomiciliation Merger as more specifically described above.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Section 7874(b) of the Code, or "Section 7874(b)," provides that a corporation organized outside the United States, such as the Company, which acquires (pursuant to a "plan" or a "series of related transactions") substantially all of the assets of a corporation organized in the United States, such as Star Maritime, will be treated as a U.S. domestic corporation for U.S. federal income tax purposes if shareholders of the U.S. corporation whose assets are being acquired own at least 80% of the non-U.S. acquiring corporation after the acquisition. If Section 7874(b) were to apply to Star Maritime and the Redomiciliation Merger, then the Company, as the surviving entity of the Redomiciliation Merger, would be subject to U.S. federal income tax as a U.S. domestic corporation on its worldwide income after the Redomiciliation Merger. In addition, as a U.S. domestic corporation, any dividends paid by us to a Non-U.S. Holder, as defined below, would be subject to a U.S. federal income tax withholding at the rate of 30% or such lower rate as provided by an applicable U.S. income tax treaty.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">After the completion of the Redomiciliation Merger, the shareholders of Star Maritime owned less than 80% of the Company. Star Maritime received an opinion of its counsel, Seward &amp; Kissel LLP or "Seward &amp; Kissel", that Star Bulk should not be subject to Section 7874(b) after the Redomiciliation Merger. Based on the structure of the Redomiciliation Merger, the Company believes that it is not subject to U.S. federal income tax as a U.S. domestic corporation on its worldwide income for taxable years after the Redomiciliation Merger. However, there is no authority directly addressing the application of Section 7874(b) to a transaction such as the Redomiciliation Merger where shares in a foreign corporation, such as the Company, are issued concurrently with (or shortly after) a merger. In particular, since there is no authority directly applying the "series of related transactions" or "plan" provisions to the post-acquisition stock ownership requirements of Section 7874(b), there is no assurance that the U.S. Internal Revenue Service (IRS) or a court will agree with Seward &amp; Kissel's opinion on this matter. Moreover, Star Maritime has not sought a ruling from the IRS on this point. Therefore, there is no assurance that the IRS would not seek to assert that the Company is subject to U.S. federal income tax on its worldwide income after the Redomiciliation Merger, although the Company believes that such an assertion should not be successful.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The remainder of this discussion assumes that the Company will not be treated as a U.S. domestic corporation for any taxable year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Taxation of the Company's Shipping Income</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We anticipate that we will derive substantially all of our gross income from the use and operation of vessels in international commerce and that this income will principally consist of freights from the transportation of cargoes (including COAs), hire or lease from time or voyage charters and the performance of services directly related thereto, which we refer to collectively as "shipping income."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the United States will be considered to be 100% derived from sources within the United States. We are not permitted by law to engage in transportation that gives rise to 100% U.S. source shipping income. Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income derived entirely from sources outside the United States will not be subject to U.S. federal income tax.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Based upon our anticipated shipping operations, our vessels will operate in various parts of the world, including to or from U.S. ports. Unless exempt from U.S. federal income tax under Section 883 of the Code, we will be subject to U.S. federal income tax, in the manner discussed below, to the extent our shipping income is considered derived from sources within the United States.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Application of Section 883 of the Code</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the relevant provisions of Section 883 of the Code and the Treasury Regulations promulgated thereunder, we will be exempt from U.S. federal income tax on our U.S. source shipping income if:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">we are organized in a "qualified foreign country," which is one that grants an equivalent exemption from tax to corporations organized in the United States in respect of each category of shipping income for which exemption is being claimed under Section 883 of the Code, and which we refer to as the "Country of Organization Requirement"; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(ii)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">we can satisfy any one of the following two (2) stock ownership requirements:</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">more than 50% of our stock, in terms of value, is beneficially owned by individuals who are residents of a "qualified foreign country," which the Company refers to as the "50% Ownership Test"; or</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">our stock is "primarily and regularly" traded on an "established securities market" located in the United States or in a "qualified foreign country," which we refer to as the "Publicly-Traded Test".</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The IRS has recognized the Marshall Islands, our country of incorporation and the country of incorporation of our ship-owning subsidiaries, as "qualified foreign countries." Accordingly, we satisfy the Country of Organization Requirement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Therefore, our eligibility for exemption under Section 883 of the Code is wholly dependent upon being able to satisfy one of the stock ownership requirements.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Treasury Regulations provide that stock of a foreign corporation will be considered to be "primarily traded" on an "established securities market" if the number of shares of each class of stock that are traded during any taxable year on all "established securities markets" in that country exceeds the number of shares in each such class that are traded during that year on "established securities markets" in any other single country. Our common stock is "primarily traded" on the Nasdaq Global Select Market.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the Treasury Regulations, our common stock will be considered to be "regularly traded" on an "established securities market" if one or more classes of our common stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and total value, is listed on the market, which we refer to as the "listing requirement."&#160;&#160;Since our common stock is listed on the Nasdaq Global Select Market, we will satisfy the listing requirement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Treasury Regulations further require that with respect to each class of common stock relied upon to meet the listing requirement: (i) such class is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or 1/6 of the days in a short taxable year, which we refer to as the "trading frequency test;" and (ii) the aggregate number of shares of such class of common stock traded on such market is at least 10% of the average number of shares of such class outstanding during such year, or as appropriately adjusted in the case of a short taxable year, which we refer to as the "trading volume test." We believe that our common stock will satisfy the trading frequency and volume tests. Even if this were not the case, the Treasury Regulations provide that the trading frequency and volume tests will be deemed satisfied by a class of stock if, as we expect to be the case with our common stock, such class of stock is traded on an "established securities market" in the United States and such class of stock is regularly quoted by dealers making a market in such stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Notwithstanding the foregoing, our common stock would not be considered to be "regularly traded" on an "established securities market" if 50% or more of the outstanding common shares are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of our common stock, which we refer to as the "5% Override Rule."</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For purposes of determining the persons who own 5% or more of our common stock, or "5% Stockholders," the Treasury Regulations permit us to rely on Schedule 13G and Schedule 13D filings with the U.S. Securities and Exchange Commission, or the "SEC," to identify those persons who have a 5% or greater beneficial interest in our common stock. The Treasury Regulations further provide that an investment company which is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Stockholder for such purposes.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In the event the 5% Override Rule is triggered, the Treasury Regulations provide that the 5% Override Rule will nevertheless not apply if we can establish, in accordance with specified ownership certification procedures, that within the group of 5% Stockholders there are sufficient "qualified shareholders" for purposes of Section 883 of the Code to preclude "non-qualified shareholders" in such group from owning actually or constructively 50% or more of our common stock for more than half the number of days during the taxable year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For the 2012 taxable year, we were not subject to the 5% Override Rule and, therefore, we believe that we satisfied the Publicly-Traded Test.&#160;&#160;Accordingly, we believe that we were exempt from U.S. federal income tax on our U.S. source shipping income for the 2012 taxable year, and we intend to take this position on our 2012 U.S. federal income tax return.&#160;&#160;However, there is no assurance that we will continue to qualify for the benefits of Section 883 of the Code for any future taxable year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Taxation in Absence of Exemption under Section 883 of the Code</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">To the extent the benefits of Section 883 of the Code are unavailable with respect to any item of U.S. source shipping income, our U.S. source shipping income, to the extent not considered to be "effectively connected" with a U.S. trade or business, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, or the "4% gross basis tax regime." Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Regardless of whether we qualify for exemption under Section 883 of the Code, we will not be subject to U.S. federal income tax with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. Federal Income Taxation of Holders of Common Stock</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following is a discussion of the material U.S. federal income tax consequences applicable to a U.S. Holder and a Non-U.S. Holder, each as defined below, of the ownership and disposition of our common stock. This discussion does not purport to deal with the tax consequences of owning common stock to all categories of investors, some of which, such as dealers in securities, investors whose functional currency is not the U.S. Dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of our common stock, may be subject to special rules. This discussion deals only with holders who own our common stock as a capital asset. Holders of our common stock are encouraged to consult their own tax advisors concerning the overall tax consequences arising in their particular situation under U.S. federal, state, local or foreign law of the ownership of our common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. Federal Income Taxation of U.S. Holders</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As used herein, the term "U.S. Holder" means a beneficial owner of our common stock that is a U.S. citizen or resident, U.S. corporation or other U.S. entity taxable as a corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If a partnership holds our common stock, the U.S. federal income tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common stock, you are encouraged to consult your tax advisor.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Distributions</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Subject to the discussion of "passive foreign investment companies" below, any distributions made by us with respect to our common stock to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or "qualified dividend income," as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder's tax basis in its common stock on a Dollar-for-Dollar basis and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will not be entitled to claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common stock will generally be treated as "passive category income" or, in the case of certain types of U.S. Holders, "general category income" for purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Dividends paid on our common stock to a U.S. Holder who is an individual, trust or estate, which we refer to as a "U.S. Individual Holder," will generally be treated as "qualified dividend income" that is taxable to such U.S. Individual Holders at preferential tax rates provided that (1) the common stock is readily tradable on an established securities market in the United States (such as the Nasdaq Global Select Market, on which our common stock is listed); (2) we are not a "passive foreign investment company" for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do not believe we are, have been or will be); (3) the U.S. Individual Holder has owned the common stock for more than 60 days in the 121-day period beginning 60 days before the date on which the common stock becomes ex-dividend; and (4) certain other conditions are met. There is no assurance that any dividends paid on our common stock will be eligible for these preferential rates in the hands of a U.S. Individual Holder.&#160;&#160;Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Individual Holder.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Special rules may apply to any "extraordinary dividend," generally, a dividend in an amount which is equal to or in excess of 10% of a stockholder's adjusted tax basis (or fair market value in certain circumstances) in our common stock. If we pay an "extraordinary dividend" on our common stock that is treated as "qualified dividend income," then any loss derived by a U.S. Holder from the sale or exchange of such common stock will be treated as long-term capital loss to the extent of such dividend.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Sale, Exchange or other Disposition of Common Stock</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Assuming we do not constitute a "passive foreign investment company", or "PFIC", for any taxable year, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common stock in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in such common stock. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder's holding period in such common stock is greater than one year at the time of the sale, exchange or other disposition. Otherwise, such capital gain or loss will be treated as short-term capital gain or loss. Such capital gain or loss will generally be treated as U.S. source income or loss, as applicable, for U.S. foreign tax credit purposes. A U.S. Individual Holder's ability to deduct capital losses is subject to certain limitations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3.8% Tax on Net Investment Income</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For taxable years beginning after December 31, 2012, a U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of (1) the U.S. Holder's net investment income for the taxable year and (2) the excess of the U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000 and $250,000).&#160;&#160;A U.S. Holder's net investment income will generally include distributions made by us which constitute dividends and gain upon a sale, exchange or other disposition of our common stock.&#160;&#160;This tax is in addition to any income taxes due on such investment income.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment income to the ownership of our common stock.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a "passive foreign investment company" for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such U.S. Holder holds our common stock, either:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income, which we refer to as "passive assets."</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in which we own at least 25% of the value of the subsidiary's stock. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute "passive income" unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Based on our current operations and future projections, we do not believe that we are, nor do we expect to become, a PFIC with respect to any taxable year. Although there is no legal authority directly on point, and we are not relying upon an opinion of counsel on this issue, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive, or are deemed to derive, from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular, the tankers, should not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different taxation rules depending on whether the U.S. Holder makes an election to treat us as a "qualified electing fund," which election we refer to as a "QEF election." As an alternative to making a QEF election, a U.S. Holder could make a "mark-to-market" election with respect to our common stock, as discussed below.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In addition, if we were to be treated as a PFIC, a U.S. Holder may be required to file an annual report containing such information as the IRS of the U.S. Department of the Treasury may provide.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Taxation of U.S. Holders Making a Timely QEF Election</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If a U.S. Holder makes a timely QEF election, which U.S. Holder we refer to as an "Electing Holder," the Electing Holder must report each year for U.S. federal income tax purposes its pro rata share of our ordinary earnings and net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received by the Electing Holder from us. The Electing Holder's adjusted tax basis in the common stock would be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits previously taxed would result in a corresponding reduction in the adjusted tax basis in the common stock and will not be taxed again once distributed. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of our common stock. A U.S. Holder would make a QEF election with respect to any taxable year that the Company is a PFIC by filing IRS Form 8621 with its U.S. federal income tax return. If we became aware that we were to be treated as a PFIC for any taxable year, we intend to provide each U.S. Holder with all necessary information in order to make the QEF election described above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Taxation of U.S. Holders Making a "Mark-to-Market" Election</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Alternatively, if we were to be treated as a PFIC for any taxable year and, as we anticipate, our common stock is treated as "marketable stock," a U.S. Holder could make a "mark-to-market" election with respect to our common stock, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations. If that election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the common stock at the end of the taxable year over such U.S. Holder's adjusted tax basis in the common stock. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder's adjusted tax basis in the common stock over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder's tax basis in its common stock would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of our common stock would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the common stock would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Finally, if we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF election or a "mark-to-market" election for that year, whom we refer to as a "Non-Electing Holder," would be subject to special rules with respect to (1) any excess distribution (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, the portion of any distributions received by the Non-Electing Holder on our common stock in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period in the common stock), and (2) any gain realized on the sale, exchange or other disposition of our common stock. Under these special rules:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the excess distribution or gain would be allocated ratably over the Non-Electing Holders' holding period in the common stock;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed as ordinary income; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that taxable year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">These penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of our common stock. If a Non-Electing Holder who is an individual dies while owning our common stock, such Non-Electing Holder's successor generally would not receive a step-up in tax basis with respect to such common stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. Federal Income Taxation of Non-U.S. Holders</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A beneficial owner of our common stock (other than a foreign partnership) that is not a U.S. Holder is referred to herein as a "Non-U.S. Holder."</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Dividends on Common Stock</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Non-U.S. Holders generally will not be subject to U.S. federal income or withholding tax on dividends received from us with respect to our common stock, unless that income is "effectively connected" with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to those dividends, that income is subject to U.S. federal income tax only if attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Non-U.S. Holders generally will not be subject to U.S. federal income or withholding tax on any gain realized upon the sale, exchange or other disposition of our common stock, unless:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the gain is "effectively connected" with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to that gain, that gain is subject to U.S. federal income tax only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If a Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, income from the common stock, including dividends and gain from the sale, exchange or other disposition of the common stock, that is "effectively connected" with the conduct of that trade or business will generally be subject to U.S. federal income tax in the same manner as discussed in the previous section relating to the U.S. federal income taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, the earnings and profits of such Non-U.S. Holder that are attributable to the "effectively connected" income, subject to certain adjustments, would be subject to an additional "branch profits" tax at a rate of 30%, or at a lower rate as may be specified by an applicable U.S. income tax treaty.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Backup Withholding and Information Reporting</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In general, dividend payments, or other taxable distributions, made within the United States will be subject to information reporting requirements. Such payments will also be subject to "backup withholding" in the case of a non-corporate U.S. Holder that:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">is notified by the IRS that it failed to report all interest or dividends required to be shown on its U.S. federal income tax returns; or</font></div>
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</div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">in certain circumstances, fails to comply with applicable certification requirements.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Non-U.S. Holders may be required to establish their exemption from information reporting and "backup withholding" by certifying their status on IRS Form W-8BEN, W-8ECI or W-8IMY, as applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If a stockholder sells its common stock to or through a U.S. office of a broker, the payment of the proceeds is subject to both U.S. "backup withholding" and information reporting unless the stockholder certifies, under penalties of perjury, that it is a non-U.S. person or otherwise establishes an exemption. If a stockholder sells its common stock through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid outside the United States, then information reporting and "backup withholding" generally will not apply to that payment. However, U.S. information reporting requirements, but not "backup withholding", will apply to a payment of sales proceeds, even if that payment is made outside the United States, if a stockholder sells its common stock through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the United States.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">"Backup withholding" is not an additional tax. Rather, a taxpayer generally may obtain a refund of any amounts withheld under "backup withholding" rules that exceed the taxpayer's U.S. federal income tax liability by filing a refund claim with the IRS.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Pursuant to recently enacted section 6038D of the Code and the proposed and temporary Treasury Regulations promulgated thereunder, individuals who are U.S. Holders (and to the extent specified in the applicable Treasury Regulations, certain individuals who are non-U.S. Holders and certain U.S. entities) who hold "specified foreign financial assets" (as defined in section 6038D of the Code and the applicable Treasury Regulations) are required to file IRS Form 8938 (Statement of Specified Foreign Financial Assets) with information relating to each such asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year.&#160;&#160;Specified foreign financial assets would include, among other assets, our common stock, unless the common stock were held through an account maintained with a U.S. financial institution.&#160;&#160;Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect.&#160;&#160;Additionally, the statute of limitations on the assessment and collection of U.S. federal income tax with respect to a taxable year for which the filing of IRS Form 8938 is required may not close until three years after the date on which IRS Form 8938 is filed.&#160;&#160;U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under section 6038D of the Code.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Marshall Islands Tax Consequences</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We are incorporated in the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon payments of dividends by us to our stockholders.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">F.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Dividends and paying agents</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">G.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement by experts</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">104</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
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<br>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">H.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Documents on display</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We file reports and other information with the Commission. These materials, including this annual report and the accompanying exhibits, may be inspected and copied at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington, D.C. 20549, or from the Commission's website http://www.sec.gov. You may obtain information on the operation of the public reference room by calling 1 (800) SEC-0330 and you may obtain copies at prescribed rates.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">I.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Subsidiary information</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 11.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Quantitative and Qualitative Disclosures about Market Risk</font></div>
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</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Interest Rates</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The international drybulk industry is a capital intensive industry, requiring significant amounts of investment. Much of this investment is provided in the form of long-term debt. Our debt contains interest rates that fluctuate with LIBOR. During the waiver period, LIBOR is adjusted to the cost of funds. Increasing interest rates could adversely impact future earnings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our interest expense for the year ended December 31, 2012 was $7.2 million.&#160;&#160;Our estimated interest expense for the year ending December 31, 2013 is expected to be $7.0 million. Our estimated amount of interest expense reflects interest payments we expect to make with respect to our long term debt obligations. The interest payments reflect an assumed LIBOR-based applicable rate of 0.31% (the three month LIBOR rate as of December 31, 2012) plus the relevant margin of the applicable credit facility. The following table sets forth the sensitivity of our existing loans as of December 31, 2012 as to a100 basis point increase in LIBOR during the next five years. The following table sets forth the sensitivity of loans in millions of Dollars to a 100 basis points increase in LIBOR during the next five years:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the year</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ending December 31,</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Estimated amount</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">of interest expense</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Estimated amount</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">of interest expense after an increase of 100 basis points</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Sensitivity</font></div>
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</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2013</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7.0</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9.1</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.1</font></div>
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</tr><tr bgcolor="white">
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2014</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6.3</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8.1</font></div>
</td>
<td align="left" valign="middle" width="2%">
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</td>
<td valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.8</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2015</font></div>
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5.1</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6.7</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.6</font></div>
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</tr><tr bgcolor="white">
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2016</font></div>
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3.6</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.7</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.1</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2017</font></div>
</td>
<td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.6</font></div>
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<td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.1</font></div>
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<td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.5</font></div>
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<br>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Currency and Exchange Rates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We generate all of our revenues in Dollars and operating expenses in currencies other than the Dollar are approximately 27% of total operation expenses. Further, 80% of our general and administrative expenses, excluding expenses of $1.5 million relating to the amortization of stock based compensation recognized in connection with the restricted shares issued to directors and employees, including consulting fees, salaries and traveling expenses were incurred in Euros. For accounting purposes, expenses incurred in Euros are converted into Dollars at the exchange rate prevailing on the date of each transaction. Because a significant portion of our expenses are incurred in currencies other than the Dollar, our expenses may from time to time increase relative to our revenues as a result of fluctuations in exchange rates, particularly between the Dollar and the Euro, which could affect the amount of net income that we report in future periods. As of December 31, 2012, the effect of a 1% adverse movement in Dollar/Euro exchange rates would have resulted in an increase of $61,954 and $58,034 in our general and administrative expense and our operating expenses, respectively. While we historically have not mitigated the risk associated with exchange rate fluctuations through the use of financial derivatives, we may determine to employ such instruments from time to time in the future in order to minimize this risk. The use of financial derivatives, including foreign exchange forward agreements, would involve certain risks, including the risk that losses on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our results.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Freight Derivatives</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">From time to time, we may take positions in freight derivatives including FFAs and freight options. Generally freight derivatives may be used to hedge a vessel owner's exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and time period, the seller of the FFA is required to pay the buyer an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. If we take positions in FFAs or other derivative instruments we could suffer losses in the settling or termination of these agreements. This could adversely affect our results of operation and cash flow.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During the years ended December 31, 2012, 2011 and 2010, we entered into a limited number of FFAs and freight options on the Capesize and Panamax and Supramax indexes. These freight derivatives are intended to serve as an approximate hedge for our vessels trading in the spot market for 2012, 2011, and 2010, effectively locking-in the approximate amount of revenue that we expect to receive from such vessels for the relevant periods. Our freight derivatives do not qualify as cash flow hedges for accounting purposes and therefore gains or losses are recognized in the accompanying consolidated statements of operations.&#160;&#160;FFAs are settled on a daily basis through London Clearing House (LCH), and there is also a margin maintenance requirement based on marking the contract to market.&#160;&#160;As of December 31, 2012 we had no open position in FFAs. Freight options are treated as assets/liabilities until they are settled. The fair value of these instruments liability as of December 31, 2012 we had no open position in freight options. During the year ended December 31, 2012 the gain from freight derivatives amounted to $0.04 million, during the years ended December 31, 2011 and 2010, the loss from freight derivatives amounting to $0.4 million and $2.1 million, respectively.&#160;&#160;As of the date of this report the Company has not any open position in freight derivatives.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Bunker swap agreements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. Our bunker swaps are traded as a derivative on the over-the-counter (OTC) market. During 2010, we enter into several bunker swaps, but as of December 31, 2010, we had no open positions. During 2012 and 2011, we did not entered into bunker swaps contracts and therefore we had no open positions on bunkers swaps.</font></div>

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<div id="FTR">
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">106</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During the year ended December 31, 2010 loss from bunker swaps amounted to $0.005 million.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 12.&#160;&#160;Description of Securities Other than Equity Securities</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">A.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Debt securities</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">B.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Warrants and rights</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">C.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other securities</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">D.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">American depository shares</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART II</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Defaults, Dividend Arrearages and Delinquencies</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">None.</font></div>

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<td style="WIDTH: 95px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></font> </font></div>
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<td width="708">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Material Modifications to the Rights of Security Holders and Use of Proceeds</font></div>
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</div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">None.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<td width="708">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Controls and Procedures</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Disclosure Controls and Procedures</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, our management (with the participation of our Chief Executive Officer and Chief Financial Officer) conducted an evaluation pursuant to Rule 13a-15(b) and 15d-15(e) promulgated under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the effectiveness of the design and operation of our disclosure controls and procedures. Our management, including our chief executive and chief financial officer, recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the partnership have been detected. Further, in the design and evaluation of our disclosure controls and procedures our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">However, based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2012, our disclosure controls and procedures, which include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to the management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure, were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Management's Annual Report on Internal Control Over Financial Reporting</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities and Exchange Act of 1934, as amended. Our internal control over financial reporting is a process designed under the supervision of our Chief Executive Officer and Chief Financial Officer, and carried out by our board of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our consolidated financial statements for external reporting purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes policies and procedures that:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets of the Company;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with U.S. GAAP, and that receipts and expenditures are being made only in accordance with authorizations of management and directors of the Company; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the consolidated financial statements.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Management has conducted an assessment of the effectiveness of the Company's internal control over financial reporting based on the framework established in Internal Control &#8211; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Based on this assessment, management has determined that our internal control over financial reporting as of December 31, 2012 is effective.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Attestation Report of the Independent Registered Public Accounting Firm</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The report of Ernst Young (Hellas) Certified Auditors Accountants S.A. included in "Item 18. Financial Statements" of this annual report is incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Changes in Internal Control over Financial Reporting</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">There were no other changes in our internal controls over financial reporting that occurred during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Inherent Limitations on Effectiveness of Controls</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Management, including our Chief Executive Officer and the Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 16A.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Audit Committee Financial Expert</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Board of Directors of the Company has determined that Mr. Softeland, whose biographical details are included in Item 6. "Directors and Senior Management," a member of our Audit Committee qualifies as a financial expert and is considered to be independent according to the Commission rules.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Code of Ethics</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company has adopted a code of ethics that applies to its directors, officers and employees. A copy of our code of ethics is posted in the "Investor Relations" section of the Star Bulk Carriers Corp. website, and may be viewed at <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.starbulk.com</font>. We will also provide a hard copy of our code of ethics free of charge upon written request of a shareholder. Shareholders may be direct their requests to the attention of Investor Relations, c/o Star Bulk Management Inc., 40 Agiou Konstantinou Str., Maroussi 15124, Athens, Greece.</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Accountant Fees and Services</font></div>
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<div>&#160;</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The table below sets forth the total fees for the services performed by the our principal accountants, Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A in 2012 and Deloitte Hadjipavlou Sofianos &amp; Cambanis S.A. in 2011, which we refer to as the Independent Registered Accounting Firms. This table below also identifies these amounts by category of services:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(In thousands of Dollars)</font></div>
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<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
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</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Audit fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">591</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">340</font></td>
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</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Audit-related fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Tax fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">All other fees</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total fees</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">591</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">340</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">109</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Audit Committee is responsible for the appointment, replacement, compensation, evaluation and oversight of the work of the independent auditors. As part of this responsibility, the Audit Committee pre-approves the audit and non-audit services performed by the independent auditors in order to assure that they do not impair the auditor's independence from the Company. The Audit Committee has adopted a policy which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditors may be pre-approved.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 16D.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exemptions from the Listing Standards for Audit Committees</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Not Applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 16E.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</font></div>
</td>
</tr></table>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 23, 2010, our Board of Directors adopted a stock repurchase plan for up to $30.0 million to be used for repurchasing the Company's common shares until December 31, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On August 10, 2011, our Board of Directors decided to reinstate the share repurchase plan with the limitation of acquiring up to a maximum amount of $3.0 million worth of Company's shares, at a maximum price of $1.30 per share. On November 9, 2011, our Board of Directors extended the duration of the share repurchase plan until December 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The following table summarizes our repurchases of our ordinary shares per month during the year ended December 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total number of</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">shares repurchased</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Average price</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">paid per share</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">January 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">319,413</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">April 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">406,544</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">June 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">200,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.73</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Total 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">925,957</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">0.92</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 31, 2012, Mr. Petros Pappas, Chairman of the board of directors of the Company, transferred all of the common shares of the Company that he beneficially owned to his two children for estate planning purposes. Mrs. Milena - Maria Pappas, a Class B director of the Company and the daughter of Mr. Petros Pappas, and Mr. Alexandros Pappas, the son of Mr. Petros Pappas, each received 200,575 restricted common shares representing approximately 3.7% of the Company's outstanding common shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">110</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 16F.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Change in Registrants Certifying Accoutant</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 9, 2012, our Audit Committee approved the engagement of Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A as our independent registered public accounting firm for the fiscal year ended December 31, 2012. Our previous independent registered public accounting firm was Deloitte. For further information on this change, please see our report on Form 6-K filed with the SEC on May 9, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As a foreign private issuer, we are permitted to follow home country practices in lieu of certain Nasdaq corporate governance requirements. We have certified to Nasdaq that our corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands.&#160;&#160;We are exempt from many of Nasdaq's corporate governance practices other than the requirements regarding the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with Nasdaq corporate governance practices and the establishment and composition of an audit committee and a formal written audit committee charter. The practices we follow in lieu of Nasdaq's corporate governance requirements are as follows:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Our board of directors is comprised of directors a majority of whom are independent; however, we cannot assure you that in the future we will have a majority of independent directors.&#160;&#160;Our board of directors does not hold annual meetings at which only independent directors are present.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Consistent with Marshall Islands law requirements, in lieu of obtaining an independent review of related party transactions for conflicts of interests, our amended and restated bylaws require any director who has a potential conflict of interest to identify and declare the nature of the conflict to the board of directors at the next meeting of the board of directors. Our code of ethics and amended and restated bylaws additionally provide that related party transactions must be approved by a majority of the independent and disinterested directors.&#160;&#160;If the votes of such independent and disinterested directors are insufficient to constitute an act of the Board, then the related party transaction may be approved by a unanimous vote of the disinterested directors.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In lieu of obtaining shareholder approval prior to the issuance of designated securities, we plan to obtain the approval of our board of directors for such share issuances.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In lieu of an audit committee comprised of a minimum of three directors all of which are independent and a compensation committee comprised solely of independent directors, our audit committee consists of two independent directors and our compensation committee consists of an executive director and two independent directors.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As a foreign private issuer, we are not required to solicit proxies or provide proxy statements to Nasdaq pursuant to Nasdaq corporate governance rules or Marshall Islands law. Consistent with Marshall Islands law and as provided in our amended and restated bylaws, we will notify our shareholders of meetings between 15 and 60 days before the meeting. This notification will contain, among other things, information regarding business to be transacted at the meeting.&#160;&#160;In addition, our amended and restated bylaws provide that shareholders must give between 150 and 180 days advance notice to properly introduce any business at a meeting of the shareholders.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mine Safety Disclosure</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Statements</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Statements</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Exhibits, Exhibits Number, Description</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Third Amended and Restated Articles of Incorporation of Star Bulk Carriers Corp. (17)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Amended and Restated bylaws of the Company (1)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Form of Share Certificate (2)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.3</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Form of 2007 Equity Incentive Plan (3)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.4</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2010 Equity Incentive Plan (4)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.5</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2011 Equity Incentive Plan (5)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2.6</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Registration Rights Agreement (6)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management Agreement with Combine Marine Inc. (7)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Master Agreement, as amended (8)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.3</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Supplemental Agreement (9)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.4</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan Agreement with Commerzbank AG, dated December 27, 2007 (10)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.5</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">First Supplemental Agreement with Commerzbank AG, dated June 10, 2009 (14)</font></div>
</td>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.6</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Second Supplemental Agreement with Commerzbank AG, dated January 27, 2010 (13)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.7</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan Agreement with Commerzbank AG, dated September 3, 2010 (11)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.8</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan Agreement with Credit Agricole Corporate and Investment Bank, dated January 20, 2011 (12)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.9</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan Agreement with HSH Nordbank AG, dated October 3, 2011 (15)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.10</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan Agreement with ABN AMRO Bank N.V., dated July 21, 2011 (16)</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.11</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Commitment Letter with Commerzbank AG, dated December 17, 2012</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.12</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Commitment Letter with Credit Agricole Corporate and Investment Bank, dated December 14, 2012</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.13</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Firm Offer Letter with HSH Nordbank AG, dated December 20, 2012</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4.14</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Commitment Letter with ABN AMRO Bank N.V., dated January 29, 2012</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Subsidiaries of the Company</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.1</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12.2</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Certification of the Principal Executive Officer pursuant to 18 USC Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Certification of the Principal Financial Officer pursuant to 18 USC Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></div>
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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.1</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Consent of Independent Registered Public Accounting Firm (Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Consent of Independent Registered Public Accounting Firm (Deloitte Hadjipavlou Sofianos &amp; Cambanis S.A.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">101</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">The following materials from the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2012, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2011 and 2012;(ii) Consolidated Statements of Operations for the years ended December 31,2010,2011 and 2012; (iii) Consolidated Statements of Stockholders' Equity for the for the years ended December 31,2010,2011 and 2012;(iv) Consolidated Statements of Cash Flows for the for the years ended December 31,2010,2011 and 2012 and (v) the Notes to Consolidated Financial Statements</font></div>
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<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 3.1 of the Company's Joint Proxy/Registration Statement (File No. 333-141296), which was filed with the Commission on March 14, 2007.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2)</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.1 of the Company's Joint Proxy/Registration Statement (File No. 333-141296), which was filed with the Commission on March 14, 2007.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 10.2 of the Company's Joint Proxy/Registration Statement (File No. 333-141296), which was filed with the Commission on March 14, 2007.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 2.4 of the Company's Annual Report for the year ended December 31, 2010 (File No. 001-33869), which was filed with the Commission on March 31, 2011.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5)</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.4 of the Company's Form S-8 (File no. 333-176922), which was filed with the Commission on September 20, 2011.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6)</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 10.13 of Star Maritime's Registration Statement (File No. 333-125662), which was filed with the Commission on June 9, 2005.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7)</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 10.16 of the Company's Joint Proxy/Registration Statement (File No. 333-141296), which was filed with the Commission on May 24, 2007.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8)</font></div>
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<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 10.19 of the Company's Joint Proxy/Registration Statement (File No. 333-141296), which was filed with the Commission on October 12, 2007.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(9)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 10.11 of the Company's Joint Proxy/Registration Statement (File No. 333-141296), which was filed with the Commission on March 14, 2007.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(10)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.5 of the Company's Annual Report for the year ended December 31, 2007 (File No. 001-33869), which was filed with the Commission on June 30, 2008.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.18 of the Company's Annual Report for the year ended December 31, 2010 (File No. 001-33869), which was filed with the Commission on March 31, 2011.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.19 of the Company's Annual Report for the year ended December 31, 2010 (File No. 001-33869), which was filed with the Commission on March 31, 2011.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.6 of the Company's Annual Report for the year ended December 31, 2010 (File No. 001-33869), which was filed with the Commission on March 31, 2011.</font></div>
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<td align="left" valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14)</font></div>
</td>
<td align="left" valign="top" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporated by reference to Exhibit 4.5 of the Company's Annual Report for the year ended December 31, 2010 (File No. 001-33869), which was filed with the Commission on March 31, 2011.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Report of Independent Registered Public Accounting Firm: </font><font style="FONT-SIZE: 11pt">Deloitte Hadjipavlou, Sofianos &amp; Cambanis S.A.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited the accompanying consolidated balance sheet of Star Bulk Carriers Corp. as of December 31, 2012, and the related consolidated statements of operations, stockholders' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Star Bulk Carriers Corp. at December 31, 2012, and the consolidated results of its operations and its cash flows for the year then ended&#160;&#160;in conformity with U.S. generally accepted accounting principles.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Star Bulk Carriers Corp.'s internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 19, 2013 expressed an unqualified opinion thereon.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-SIZE: 10pt">/s/ <font size="3" style="FONT-SIZE: 10pt">Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Report of Independent Registered Public Accounting Firm</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board of Directors and Stockholders of Star Bulk Carriers Corp.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have audited Star Bulk Carrier Corp.'s internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Star Bulk Carrier Corp.'s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company's internal control over financial reporting based on our audit.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In our opinion, Star Bulk Carriers Corp. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the COSO criteria<font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Star Bulk Carriers Corp. as of December 31, 2012 and the related consolidated statements of operations, stockholders' equity and cash flows for the year then ended and our report dated March 19, 2013 expressed an unqualified opinion thereon.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">To the Board of Directors and Stockholders of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We have audited the accompanying consolidated balance sheet of Star Bulk Carriers Corp. and subsidiaries (the "Company") as of December 31, 2011, and the related consolidated statements of operations, stockholders' equity, and cash flows for each of the two years in the period ended December 31, 2011. &#160;These financial statements are the responsibility of the Company's management.&#160;Our responsibility is to express an opinion on these financial statements based on our audit.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).&#160;&#160;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&#160;&#160;An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.&#160;&#160;An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.&#160;&#160;We believe that our audit provides a reasonable basis for our opinion.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Star Bulk Carriers Corp. and subsidiaries as of December 31, 2011, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
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</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Restricted cash, current (Note 7 and Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,159</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,326</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Trade accounts receivable, net (Note 16)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,762</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,969</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Inventories (Note 4)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,867</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,613</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due from managers</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">70</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due from related parties (Note 3)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">147</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Prepaid expenses and other receivables</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,467</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,877</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Current Assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">31,397</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">37,963</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FIXED ASSETS</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessels and other fixed assets, net (Note 5)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">638,532</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">291,207</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Fixed Assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">638,532</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">291,207</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">OTHER NON-CURRENT ASSETS</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Deferred finance charges, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,776</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,636</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Restricted cash , non-current (Note 7 and Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">25,524</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,570</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Fair value of above market acquired time charter (Note 6)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">20,699</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,330</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL ASSETS</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">717,928</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">354,706</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">LIABILITIES &amp; STOCKHOLDERS' EQUITY</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CURRENT LIABILITIES</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Current portion of long term debt (Note 7)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">34,674</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,766</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,501</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,264</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due to related parties (Note 3)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">436</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">262</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due to managers</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">48</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accrued liabilities (Note 13)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,422</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Derivative instruments(Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">82</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Deferred revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,543</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,736</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Current Liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,154</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">42,450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NON-CURRENT LIABILITIES</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Long term debt (Note 7)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">231,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">195,348</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other non-current liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">95</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">162</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL LIABILITIES</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">283,715</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">237,960</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" colspan="8" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STOCKHOLDERS' EQUITY</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Preferred Stock; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2011 and 2012 (Note 8)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Common Stock, $0.01 par value, 300,000,000 shares authorized; 5,357,224 and 5,400,810 shares issued and outstanding at December 31, 2011 and 2012, respectively</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Additional paid in capital&#160;&#160;(Note 8)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">520,261</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">520,946</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accumulated deficit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(86,102</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(404,254</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Stockholders' Equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">434,213</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">116,746</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">717,928</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">354,706</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The accompanying notes are integral part of these consolidated financial statements.</font></div>
</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consolidated Statements of Operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the years ended December 31, 2010, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. dollars except for share and per share data)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Revenues:</font></div>
</td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">121,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">106,912</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">85,684</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fee income (Note 3)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">153</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">478</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">121,042</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">107,065</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">86,162</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage expenses (Note 17)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">16,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">22,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19,598</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessel operating expenses (Note 17)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">22,349</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">25,247</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">27,832</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Dry docking expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,576</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,096</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,663</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">46,937</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">50,224</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">33,045</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">164</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss/(gain) on derivative instruments, net (Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,083</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(41</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,404</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,455</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,320</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bad debt expense (Note 15 and 16)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,139</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessel impairment loss (Note 5 and Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">34,947</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">62,020</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">303,219</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Gain on time charter agreement termination (Note 6)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(2,010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(6,454</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other operational loss (Note 10)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other operational gain (Note 9)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(26,648</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(9,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(3,507</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on sale of vessel ( Note 5)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,190</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">120,782</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">171,834</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">393,091</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operating income/(loss)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">260</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(64,769</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(306,929</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Income/ (Expenses):</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Interest and finance costs (Note 7)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,916</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,227</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(7,838</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Interest and other income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">744</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on debt extinguishment (Note 7)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(307</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total other expenses, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(5,391</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(4,790</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(7,592</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net loss</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(69,559</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(314,521</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss per share, basic and diluted (Note 11)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1.25</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(14.69</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(58.32</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Weighted average number of shares outstanding, basic and diluted (Note 11)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,099,277</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,736,485</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,393,131</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The accompanying notes are an integral part of these consolidated financial statements.</font></div>
</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consolidated Statements of Stockholders Equity</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the years ended December 31, 2010, 2011 and 2012</font></div>

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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(Accumulated deficit)</font></div>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></div>
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<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">BALANCE, January 1, 2010</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">4,073,650</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">40</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">483,853</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">15,364</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">499,257</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Net loss for the year ended December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Issuance of vested and non-vested shares and amortization of stock-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">153,707</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">6,509</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">6,511</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Dividends declared and paid ($3.0&#160;&#160;per share)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(12,385</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(12,385</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">BALANCE, December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">4,227,357</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">42</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">490,362</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(2,152</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">488,252</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Net loss for the year ended December 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(69,559</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(69,559</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Issuance of common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,113,334</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">28,538</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">28,549</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Issuance of vested and non-vested shares and amortization of stock-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">16,533</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,361</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,362</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;Dividends declared and paid ($3.0&#160;&#160;per share)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(14,391</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(14,391</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">BALANCE, December 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">5,357,224</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">54</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">520,261</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(86,102</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">434,213</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Net loss for the year ended December 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(314,521</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(314,521</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Issuance of vested and non-vested shares and amortization of stock-based compensation (Note 12)</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">105,316</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,545</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Dividends declared and paid ($0.675&#160;&#160;per share)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(3,631</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(3,631</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">Repurchase and cancellation of common shares (Note 8)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(61,730</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(1</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(860</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">(861</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">BALANCE, December 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">5,400,810</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">54</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">520,946</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(404,254</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">116,746</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The accompanying notes are an integral part of these consolidated financial statements.</font><br>
</div>
</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</div>
</div>
</div>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consolidated Statements of Cash Flows</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the years ended December 31, 2010, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. dollars)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash Flows from Operating Activities:</font></div>
</td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Net loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(69,559</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(314,521</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Adjustments to reconcile net loss to net cash provided by operating activities:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">46,937</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">50,224</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">33,045</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Amortization of&#160;&#160;fair value of above market acquired time charters (Note 6)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,366</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,369</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Amortization of&#160;&#160;fair value of below market acquired time charters (Note 6)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(179</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Amortization of deferred finance charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">329</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">329</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on debt extinguishment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">307</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Gain on time charter agreement termination (Note 6)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(273</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessel's impairment loss (Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">34,692</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">62,020</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">303,219</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loss on sale of vessel (Note 5)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,190</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Stock-based compensation (Note 12)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,511</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,362</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,546</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Change in fair value of derivatives (Note 18)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">282</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">82</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(82</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other non-cash charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">67</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bad debt expense (Note 16)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,139</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Gain from insurance claim</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(812</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Changes in operating assets and liabilities:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(Increase)/Decrease in:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Restricted cash for forward freight and bunker derivatives</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,753</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(153</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">153</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Trade accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,334</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(3,249</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,207</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Inventories</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(112</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(2,773</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">254</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accrued income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(397</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">397</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Prepaid expenses and other receivables</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(326</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(957</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(8,581</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due from related parties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,507</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(147</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due from managers</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Increase/(Decrease) in:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(744</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due to related parties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">267</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(174</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accrued liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(427</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,005</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(719</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Due to managers</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(48</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Deferred revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,761</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">646</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(2,807</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net cash provided by Operating Activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">87,949</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">50,604</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">18,999</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash Flows from Investing Activities:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Advances for vessels under construction and acquisition of vessels and other assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(87,563</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(96,388</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(91</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Cash paid for above market acquired time charters</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(23,065</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Cash proceeds from vessel sale</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">20,342</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7,962</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Insurance proceeds</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">120</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,076</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,983</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Decrease in restricted cash</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10,829</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Increase in restricted cash</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(650</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(21,710</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(195</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net cash (used in) / provided by Investing Activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(60,151</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(122,337</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">25,488</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash Flows from Financing Activities:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Proceeds from bank loans</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">26,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">162,775</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan repayment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(68,421</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(101,464</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(42,026</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Financing fees paid</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(310</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(1,488</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(91</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Proceeds from issuance of common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,786</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Offering expenses paid related to the issuance of common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Repurchase of common shares</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(861</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Cash dividend</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(12,385</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(14,391</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(3,631</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net cash (used in) / provided by Financing Activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(55,116</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">73,981</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(46,609</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net (decrease ) / increase in cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(27,318</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,248</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(2,122</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash and cash equivalents at beginning of year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">40,142</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,824</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,072</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash and cash equivalents at end of the year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,824</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,072</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,950</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SUPPLEMENTAL CASH FLOW INFORMATION</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Cash paid during the year for:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
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<div style="WIDTH: 100%" align="left">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

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</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basis of Presentation and General Information:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<td valign="middle" width="8%">
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<td align="left" valign="middle" width="11%">
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<td valign="middle" width="6%">
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Starbulk S.A.</font></div>
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="25%">
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="8%">
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<td align="left" valign="middle" width="11%">
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="6%">
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<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Bulk Manning LLC</font></div>
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="25%">
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<td align="left" valign="middle" width="2%">
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<td valign="middle" width="8%">
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="11%">
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<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="6%">
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</td>
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<td align="left" valign="middle" width="16%">
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="11%">
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</td>
<td align="left" valign="middle" width="2%">
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</td>
<td align="left" valign="middle" width="6%">
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</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="16%">
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</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessels in operation at December 31, 2012</font></div>
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</td>
<td align="left" valign="middle" width="8%">
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</td>
<td align="left" valign="middle" width="2%">
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</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="25%">
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="16%">
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="25%">
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<td align="left" valign="middle" width="2%">
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2001</font></div>
</td>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Gamma LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Gamma (ex C Duckling)</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53,098</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">January 4, 2008</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2002</font></div>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Kappa LLC</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Kappa (ex E Duckling)</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,055</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 14, 2007</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2001</font></div>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Omicron LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Omicron</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">53,489</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">April 17, 2008</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2005</font></div>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Theta LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Theta (ex J Duckling)</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,425</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 6, 2007</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2003</font></div>
</td>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Zeta LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Zeta (ex I Duckling)</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52,994</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">January 2, 2008</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2003</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
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<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessels disposed*</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Alpha LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
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<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Alpha (ex A Duckling)</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">175,075</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">January 9,2008</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1992</font></div>
</td>
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<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Beta LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Beta (ex B Duckling)</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">174,691</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 28, 2007</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1993</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star&#160;&#160;Ypsilon LLC</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td align="left" valign="middle" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Ypsilon</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">150,940</font></div>
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<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="left" valign="middle" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">September 18, 2008</font></div>
</td>
<td align="left" valign="middle" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td valign="middle" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1991</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">*</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">For vessels disposed refer to Note 5.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Basis of Presentation and General Information &#8211; (continued):</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Charterers individually accounting for more than 10% of the Company's voyage revenues during the years ended December 31, 2010, 2011 and 2012 are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div>
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Charterer</font></div>
</td>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">B</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">C</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">D</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">E</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">F</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">%</font></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Accounting policies:</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">a)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Principles of consolidation:</font> The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated in consolidation.</font></div>

<div align="justify">&#160;</div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification ("ASC) 810 "Consolidation", (formely Accounting Research Bulletin ("ARB") No.51) a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, and the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Variable interest entities ("VIE") are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2011 and 2012, no such interest existed.</font><br>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">b)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Use of estimates: </font>The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-10</font></div>

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<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
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<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Accounting policies &#8211; (continued):</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">c)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Comprehensive income/ (loss): </font>In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 "Comprehensive Income", and presents items of net income, items of other comprehensive income ("OCI") and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. The Company has no such transactions which affect comprehensive loss and, accordingly, comprehensive loss equals net loss for all periods presented.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">d)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Concentration of credit risk: </font>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade accounts receivable and derivative contracts (bunker derivatives and freight derivatives). The Company's policy is to place cash, cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy&#160;and are exposed to minimal interest rates and credit risks. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however,&#160;a) in over-the-counter transactions, the Company&#160;limits its exposure by diversifying among counter parties with high credit ratings, and b) all of the Company's freight derivatives are cleared through London Clearing House (LCH).</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">e)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Foreign currency transactions:</font> The functional currency of the Company is the U.S. Dollar since the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions.&#160;On the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">f)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Cash and cash equivalents:</font> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">g)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Restricted cash:</font> With restricted cash, it is required that minimum cash deposits or cash collateral deposits are maintained with certain banks under the Company's borrowing arrangements. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Trade accounts receivable, net: </font>The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Inventories:</font> Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. Cost is determined by the first in, first out method.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Accounting policies &#8211; (continued):</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Vessels, net: </font>Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Subsequent expenditure when it does not extend the useful life of the vessel is charged to expense as incurred.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic <font style="FONT-STYLE: normal; DISPLAY: inline">useful life, after considering&#160;its estimated residual value, which is equal to the product of its lightweight tonnage and estimated scrap rate per ton.&#160;&#160;Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Advances for vessels under construction:</font> Advances made to shipyards during construction periods are classified as "Advances for vessels under construction" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels and other fixed assets, net". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Fair value of above/below market acquired time charter:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font> The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered.&#160;&#160;Such intangible assets or liabilities&#160;are recognized ratably as adjustments to revenues over the remaining term of the assumed time charter.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Impairment of long-lived assets:</font> The Company follows guidance related to Impairment or Disposal of Long-lived Assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Significant Accounting policies &#8211; (continued):</font></div>

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<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Impairment of long-lived assets-(continued):</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On&#160;December 31, 2011 and September 30, 2012, the Company performed impairment tests of the Company's vessels due to the global economic downturn and the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for the Company's vessels to determine if the assets were impaired. In developing its estimates of future undiscounted cash flows, the Company makes assumptions and estimates about vessels' future performance, with the significant assumptions relating to charter rates, ship operating expenses, vessels' residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, and use historical trends as future expectations. The projected net operating cash flows were determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage commission expected outflows for scheduled vessels' maintenance (dry-docking and special surveys) and vessels' operating expenses. Estimates of revenue are based on the current FFA rates for as long as they are available, and historical average rates of similar size vessels for the period thereafter. As a result of this analysis, we determined that the carrying amount of <font style="FONT-STYLE: italic">Star Sigma</font> and <font style="FONT-STYLE: italic">Star Ypsilon</font> was not recoverable as of December 31, 2011, and an impairment loss of $62.0 million was recognized. This analysis, for each of our vessels as of September 30, 2012, indicated that the carrying amount of the entire supramax fleet and <font style="FONT-STYLE: italic">Star Sigma</font> was not recoverable and after comparing the vessel's fair values to their carrying values, an impairment loss amounting to $303.2 million was recognized (see Note 5 and 18).</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Vessels held for sale: </font>It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies a vessel as being held for sale when all of the following criteria are met: management has committed to a plan to sell this vessel; the vessel is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under "Vessel impairment loss" in accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Accounting policies &#8211; (continued):</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Financing costs:</font> Fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or for refinancing existing loans, are recorded as deferred charges. Deferred charges are expensed as interest and finance costs using the effective interest rate method over the duration of the respective loan facility. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding <font style="FONT-STYLE: italic; DISPLAY: inline">Debt Extinguishment</font>. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to <font style="FONT-STYLE: italic; DISPLAY: inline">Changes in Line-of-Credit or Revolving-Debt Arrangements.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Pension and retirement benefit obligations&#8212;crew:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>The ship-owning subsidiaries included in the consolidated financial statements employ the crew on board under short-term contracts (usually up to eight months) and, accordingly, are not liable for any pension or post-retirement benefits.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Pension and retirement benefit obligations&#8212;administrative personnel: </font>Administrative employees are covered by state-sponsored pension funds. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund.&#160;&#160;The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations. Upon retirement, the state-sponsored pension funds are responsible for paying the employees' retirement benefits without recourse to the Company.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Stock incentive plan awards:&#160;&#160;</font>Share-based compensation represents vested and non-vested shares granted to employees and to directors for their services, and is included in "General and administrative expenses" in the consolidated statements of operations. These shares are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. Guidance related to Stock Compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the ''accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the ''straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.&#160;&#160;The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Dry-docking and special survey expenses:&#160;&#160;</font>Dry-docking and special survey expenses are expensed when incurred.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Significant Accounting policies &#8211; (continued):</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Accounting for revenue and related expenses: </font>The Company generates its revenues from charterers for the charterhire of its vessels under two types of charters; under time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, and under voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. Under time charters, voyage costs, such as fuel and port charges, are borne and paid by the charterer. The Company's time charters agreements are classified as operating leases. Revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee, and a collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to Leases.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate.&#160;&#160;Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured. Deferred revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining (if any) as long term liability.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Furthermore, payments in advance for services are recorded as prepaid expenses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage. In addition, voyage expenses include expenses related to the charter-in of vessels owned by third parties, whenever this is required. Such expenses are recognized on a pro-rata basis over the duration of the voyage.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Brokerage commissions are paid by the Company. Brokerage commissions are recognized over the related charter period and included in voyage expenses. Voyage expenses and vessel operating expenses are expensed as incurred.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Fair value measurements:</font> The Company follows the provisions ASC 820, "Fair Value Measurements and Disclosures" which defines, and provides guidance as to the measurement of, fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity's own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Significant Accounting policies &#8211; (continued):</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Earnings/ (loss) per common share</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">:</font> Earnings or loss per share are computed in accordance with guidance related to Earnings per Share. Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution assuming common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and, assuming the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost thereof, were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 11).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Segment reporting:</font> The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Operating Officer who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Recent accounting pronouncements:</font> There are no recent accounting pronouncements the adoption of which would have a material effect on the Company's consolidated financial statements in the current period.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Transactions with Related Parties:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Assets</font></div>
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<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">OOCAPE1 Holdings LLC (g)</font></div>
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<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">147</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">147</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Interchart Shipping Inc. (a)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management and Directors Fees (b)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">141</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">121</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Combine Marine Inc. (c)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Oceanbulk Maritime S.A. (e)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Maiden Voyage LLC (f)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">41</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">436</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">262</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div align="left">&#160;</div>

<div align="left">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Operations</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="10" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
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<td align="left" valign="bottom" width="64%">
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</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">660</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">91</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Voyage expenses-Interchart (a)</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,540</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,134</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Executive directors consultancy fees (b)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">874</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,505</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">453</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Non-executive directors compensation (b)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">206</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">151</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Office rent &#8211; Combine Marine Inc (c)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">48</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Office rent - Combine Marine Ltd. (d)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Office setup expenses - Oceanbulk (e)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">148</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fee income - Maiden Voyage LLC (f)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">128</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Management fee income - OOCAPE1 Holdings LLC (g)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties &#8211; (continued):</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interchart Shipping Inc. or Interchart: </font>Interchart, a company that was affiliated to Oceanbulk Maritime S.A. (see (e) below), acts as a chartering broker of all the Company's vessels. As of December 31, 2011 and 2012, the Company had an outstanding liability of $260 and $100, respectively, to Interchart. During the years ended December 31, 2010, 2011 and 2012, the brokerage commission on charter revenue charged by Interchart amounted to&#160;$1,540, $1,237 and $1,134, respectively and is included in "Voyage expenses" in the accompanying consolidated statements of operations.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management and Directors Fees: </font>On October 3, 2007, Star Bulk entered into separate consulting agreements with companies owned and controlled by the Company's former Chief Executive Officer and the former Chief Financial Officer, for the services provided by the former Chief Executive Officer and the former Chief Financial Officer, respectively. Each of these agreements had a term of three years unless terminated earlier in accordance with the terms of such agreements. During 2010 these agreements were automatically renewed for the successive year. Under the consulting agreements, each company controlled by the former Chief Executive Officer and the former Chief Financial Officer received an annual consulting fee of &#8364;370,000 (approx. $488) and &#8364;250,000 (approx. $330) respectively. During the year ended December 31, 2010, the consultancy fees under the specific consulting agreements amounted to $874. For the year ended December 31, 2011 the consulting fees amounting to $337 represent the respective expense up to the date of the termination of the consulting agreements as disclosed below.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 7, 2011, Mr. Spyros Capralos was appointed as the Company's President and Chief Executive Officer, to succeed Mr. Akis Tsirigakis who resigned from those positions on that date, and resigned from the Company's board of directors on March 31, 2012. Pursuant to the terms of his employment and consultancy agreements, the former Chief Executive Officer was awarded a severance payment that amounted to $2,347.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Executive Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Executive Officer a base fee at an annual rate of not less &#8364;160,000 (approx. $211), additionally, the Chief Executive Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion and a minimum guaranteed incentive award of 28,000 shares of stock. These shares vest in three equal installments, the first installment of 9,333 shares vested on February 7, 2012, the second installment of 9,333 shares vests on February 7, 2013 and the last installment of 9,333 shares vests on February 7, 2014.&#160;&#160;On April 20, 2012 the Company issued the first installment of 9,333 shares and plans to issue the remaining two installments of 9,333 shares to Mr. Spyros Capralos in April 2013 and February 2014. During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the Company's Chief Executive Officer amounted to $0, $225 and $230, respectively.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Financial Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Financial Officer a base fee at an annual rate of not less &#8364;56,000 (approx. $74). During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the new Chief Financial Officer amounted to $0, $52 and $72, respectively.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Transactions with Related Parties &#8211; (continued):</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Management and Directors Fees - (continued):</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Additionally, the current Chief Financial Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 12, 2011, the Company entered into a release agreement with a company owned by the former Chief Financial Officer. Pursuant to the terms of this agreement, Mr. Syllantavos resigned as the Company's Chief Financial Officer and from the Company's board of directors on August 31, 2011 and received a severance payment amounted to $463.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Additionally, pursuant to the agreement, the Company issued an aggregate of 21,867 common shares to the former Chief Financial Officer. The respective stock based compensation was fully amortized at the date of his resignation on August 31, 2011. The fair value of each share was $34.5 which is equal to the market value of the Company's common stock on the grant date (Note 12).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under this agreement the Company will pay the new Chief Operating Officer a base fee at an annual rate of not less &#8364;117,519 (approx. $155). During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the new Chief Operating Officer amounted to $0, $81 and $151, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The related expenses for the Company's executive officers for the years ended December 31, 2010, 2011 and 2012 were $874, $3,505 and $453, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and 2012, Star Bulk had an outstanding payable balance of $141 and $121, respectively with its Management and Directors, representing unpaid fees for their participation in the Board of Directors of the Company and the other special committees of the board of directors. The related expenses for the years ended December 31, 2010, 2011 and 2012 were $206, $151 and $124, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Combine Marine Inc. or ("Combine"): </font>On July 4, 2011, Starbulk S.A., entered into a 12-year lease agreement for office space with Combine, a company that was controlled by one of the Company's directors, Mrs. Milena &#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company's Chairman Mr. Petros Pappas. The lease agreement provided for a monthly rent payment of &#8364;5,000 (approx. $6.6). On January 1, 2012 this agreement was mutually terminated without the Company paying any compensation. The related expense for the rent for the year ended December 31, 2011 was $48 and is included under "General and administrative expenses" in the accompanying consolidated statements of operations. As of December 31, 2011, the Company had an outstanding liability of $27 to Combine.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Transactions with Related Parties &#8211; (continued):</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Combine Marine Ltd., or Combine Ltd.: </font>On January 1, 2012 Starbulk S.A, entered into a one year lease agreement for office space with Combine Ltd., a company controlled by one of the Company's directors, Mrs. Milena &#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company's Chairman Mr. Petros Pappas. The lease agreement provides for a monthly rental of &#8364;2,500 (approximately $3.3).On January 1, 2013, the agreement was silently renewed and unless terminated by either partry, it will expire in eleven years.&#160;&#160;The related expense for the rent for the year ended December 31, 2012 was $40 and is included under "General and administrative expenses" in the accompanying consolidated statements of operations. As of December 31, 2012, the Company had no outstanding payable balance with Combine Marine Ltd.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Oceanbulk Maritime, S.A., or Oceanbulk:</font> Oceanbulk Maritime S.A, is a ship management company and is controlled by one of the Company's directors Mrs. Milena-Maria Pappas. The Company paid to Oceanbulk a brokerage commission amounting to $660 regarding the sale of vessel <font style="FONT-STYLE: italic">Star Beta</font> during the year ended December 31, 2010 (Note 5).</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011, the Company had an outstanding liability to Oceanbulk Maritime S.A. of $8 incidental to office set up expenses for new offices that Oceanbulk Maritime S.A. paid on behalf of the Company. The related expenses amounting to $148 for the year ended December 31, 2011 are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During the year ended December 31, 2012 the Company paid to Oceanbulk a brokerage commission amounting to $91 regarding the sale of vessel <font style="FONT-STYLE: italic">Star Ypsilon</font> (Note 5). As of December 31, 2012 the Company had no outstanding liability with Oceanbulk.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.25pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(f)</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Maiden Voyage LLC: </font>Maiden Voyage LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of the Company's directors, Mrs. Milena &#8211; Maria Pappas. On September 27, 2012, Star Bulk S.A. entered into an agreement with Maiden Voyage LLC, a Marshall Islands company, for the commercial and technical management of the vessel Maiden Voyage, a 2012 built Supramax dry bulk carrier. Pursuant to the terms of this management agreement, Star Bulk S.A. receives a fixed management fee of $0.75 per day beginning on September 28, 2012 and until the agreement's termination by either party giving to the other notice in writing. In this event the agreement shall terminate upon the expiration of a period of two months from the date of notice was given. This vessel is managed under the same strategy as the other vessels in the Company's fleet. The related income for the year ended December 31, 2012, including reimbursement of predelivey expenses incurred by the Company, was $128 and is included under "Management fee income" in the accompanying consolidated statements of operations. As of December 31, 2012 the Company had an outstanding payable balance of $41 with Maiden Voyage LLC.</font></div>
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<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-19</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
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<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Transactions with Related Parties &#8211; (continued):</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 22.25pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(g)</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">OOCAPE1 Holdings LLC:</font> OOCAPE1 Holdings LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of the Company's directors Mrs. Milena &#8211; Maria Pappas. On October 18, 2012, Star Bulk S.A. entered into an agreement with OOCAPE1 Holdings LLC, a Marshall Islands company, for the commercial and technical management of the vessel <font style="FONT-STYLE: italic">Obelix</font>, a 2011 built Capesize dry bulk carrier. Pursuant to the terms of this management agreement, Star Bulk S.A receives a fixed management fee of $0.75 per day beginning on October 19, 2012 and until the agreement's termination by either party giving to the other notice in writing. In this event the agreement shall terminate upon the expiration of a period of two months from the date of notice was given. This vessel is managed under the same strategy as the other vessels in the Company's fleet. The related income for the year ended December 31, 2012, including reimbursement of predelivey expenses incurred by the Company, was $76 and is included under "Management fee income" in the accompanying consolidated statements of operations. As of December 31, 2012 the Company had an outstanding receivable balance of $147 with OOCAPE1 Holdings LLC.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">4.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Inventories:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Lubricants</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,985</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bunkers</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,667</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,628</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3,867</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3,613</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessels and Other Fixed Assets, Net:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div>
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cost</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vessels</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">876,778</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">772,981</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other fixed assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">587</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">679</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Impairment charge</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(62,020</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(303,219</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total cost</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">815,345</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">470,441</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Accumulated depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(176,813</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(179,234</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessels and other fixed assets, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">638,532</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">291,207</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel acquired / disposed during the year ended December 31, 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 18, 2010, the Company entered into a Memorandum of Agreement for the sale of <font style="FONT-STYLE: italic">Star Beta</font> to a third party for a contracted sale's price of $22,000. At that date <font style="FONT-STYLE: italic">Star Beta</font> was classified as asset held for sale and was recorded at the lower of its carrying amount or fair value less cost to sell. The resulting impairment loss of $34,947 for the year ended December 31, 2010, is included under "Vessel impairment loss" in the accompanying consolidated statements of operations. The vessel was delivered to its new owners on July 7, 2010.</font></div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-20</font></div>

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<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<td style="WIDTH: 24px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessels and Other Fixed Assets, Net-(continued):</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessels acquired / disposed during the year ended December 31, 2011</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 12, 2011, the Company entered into an agreement with Donatus Marine Inc, or Donatus Marine, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas, to acquire a 1996-built Capesize vessel, <font style="FONT-STYLE: italic">Star Big</font>, ex- Big Fish along with its long-term time charter, for an aggregate purchase price of $27,800. <font style="FONT-STYLE: italic">Star Big</font> is under a long-term time charter with a multinational mining company at a rate of $25.0 per day until November 2015. The vessel was delivered to the Company on July 25, 2011, on the same day the vessel underwent its scheduled dry-docking. The Company capitalized the related dry docking expense, which amounted to $1,780 plus an amount of $41, as other capitalized expenses, related to the acquisition of the vessel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On the same date, the Company also entered into an agreement with Barrington Corporation, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas, to acquire a 1994-built Capesize vessel, <font style="FONT-STYLE: italic">Star Mega</font>, ex- Megalodon along with its long-term time charter, for an aggregate purchase price of $23,700. <font style="FONT-STYLE: italic">Star Mega</font> is under a long-term time charter with a multinational mining company at a rate of $24.5 per day until August 2014. The vessel was delivered to the Company on August 16, 2011. The Company capitalized an amount of $160 as other capitalized expenses, related to the acquisition of the vessel.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 24 and April 6, 2010, the Company signed two contracts with the shipbuilder Hanjin HHIC-Phil Inc. to build two Capesize vessels at a price of $106,880 in aggregate. On September 9, 2011 and November 14, 2011 the Company took delivery from the shipyard of vessels, <font style="FONT-STYLE: italic">Star Borealis</font> and <font style="FONT-STYLE: italic">Star Polaris</font>, respectively. For the year ended December 31, 2011, capitalized interest in connection to the respective vessels amounted to $1,901.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">No vessel disposals took place during the year ended December, 31, 2011.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel acquired / disposed during the year ended December 31, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 22, 2012, the Company entered into an agreement with a third party in order to sell vessel <font style="FONT-STYLE: italic">Star Ypsilon</font> together with a quantity of 667 metric tons of fuel oil, for a contracted price of $9,126 less address commission of 3% and brokerage commission of 2%. The vessel was delivered to its purchasers on March 9, 2012. The net carrying amount of <font style="FONT-STYLE: italic">Star Ypsilon</font> as of the date of its delivery was $11,152 and the resulting loss of $3,190 is included under "Loss on sale of vessel" in the accompanying consolidated statements of operations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">No vessel acquisitions took place during the year ended December, 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and September 30, 2012, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review as of December 31, 2011, indicated that such carrying amount was not recoverable for two of the Company's vessels; <font style="FONT-STYLE: italic">Star Ypsilon</font> and <font style="FONT-STYLE: italic">Star Sigma</font> and as of September 30, 2012,&#160;&#160;indicated that such carrying amount was not recoverable for the Company's eight Supramax vessels and one of the Company's oldest Capesize vessel <font style="FONT-STYLE: italic">Star Sigma</font>. As of December 31, 2012, no indications existed that the Company should perform any further impairment tests. The Company recognized an impairment loss of $62,020 and $303,219 for the years ended December 31, 2011 and 2012, respectively, which is included under "Vessel impairment loss" in the consolidated statements of operations (Note 18).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<tr valign="top">
<td style="WIDTH: 27pt">
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</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination:</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The fair value of the time charters acquired at below/above fair market charter rates on the acquisition of the vessels is summarized below. These amounts are amortized on a straight-line basis to the end of each charter period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Balance December 31, 2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Amortization 2011</font></div>
</td>
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<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Balance December 31, 2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Amortization 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Balance December 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Fair Value of below market acquired time charter</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Star Epsilon</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">14,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">14,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">2,044</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,812</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,360</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">452</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">452</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="10%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">91,409</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">89,597</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">1,812</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">1,360</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">452</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">452</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Fair value of above market acquired time charter</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
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<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
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<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">1,186</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">8,146</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">3,145</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">5,001</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="10%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Total</font></div>
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<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">39,462</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">16,397</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">2,366</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">20,699</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">6,369</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">14,330</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During 2011, the Company acquired two second-hand Capesize vessels, <font style="FONT-STYLE: italic">Star Big</font> and <font style="FONT-STYLE: italic">Star Mega</font> (Note 5), with existing time charter contracts. Upon their delivery the Company evaluated the attached charter contracts by comparing the charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels were delivered and recognized an asset of $23,065, $13,733 related to <font style="FONT-STYLE: italic">Star Big</font> and $9,332 related to <font style="FONT-STYLE: italic">Star Mega</font>. This amount is amortized on a straight-line basis to revenues through the end of the charter period. For the years ended December 31, 2010, 2011 and 2012 the amortization of fair value of above- market acquired time charters amounted to $0, $2,366 and $6,369, respectively, and is included under "Voyage revenues" in the accompanying consolidated statements of operations. For the years ended December 31, 2010, 2011 and 2012 the amortization of fair value of below-market acquired time charters amounted to $1,360, $452 and $0 , respectively, and is included under "Voyage revenues" in the accompanying consolidated statements of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-22</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">6.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination &#8211; (continued):</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The estimated aggregate amortization expense of the above market acquired time charters until the end of their useful lives is analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Years</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,352</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,080</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,898</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The carrying amount of the above market acquired time charters amounting to $14,330 as of December 31, 2012 will be amortized over a weighted-average period of 2.4 years.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gain/loss on time charter agreement termination</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the year ended December 31, 2011</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The vessel <font style="FONT-STYLE: italic">Star Cosmo</font> was on time charter at a gross daily charter rate of $35.615 per day for the period from February 10, 2009 until May 1, 2011, and was redelivered earlier to the Company on February 17, 2011. The Company has recognized a gain on time charter agreement termination amounting to $273, which related to the write-off of the unamortized fair value of below market acquired time charter on vessel redelivery date. In addition, the Company recognized a gain amounting to $324 which represented the deferred revenue from the terminated time charter contract.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The vessel <font style="FONT-STYLE: italic">Star Omicron</font> was on time charter at a gross daily charter rate of $43.0 per day for the period from April 22, 2008 until February 22, 2011, and was redelivered earlier to the Company on January 17, 2011. The Company recognized a gain amounting to $1,210 which represented the cash consideration received from its charterers relating to the early termination of this charter party.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The vessel <font style="FONT-STYLE: italic">Star Sigma</font> was on time charter at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. The Company has recognized a gain amounting to $203 which represented the deferred revenue from the terminated time charter contract.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the year ended December 31, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The vessel <font style="FONT-STYLE: italic">Star Sigma</font> was time chartered to Pacific Bulk Shipping Ltd. at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. On January 4, 2012, the Company signed an agreement with the charterer in order to receive an amount of $5,734 in cash, as compensation for the early redelivery of the respective vessel. The total amount was received in January 2012. In addition to the cash payment, Pacific Bulk supplied the Company with 1,027 metric tons of fuel, valued at $720.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All amounts presented above are included under "Gain on time charter agreement termination" in the accompanying consolidated statements of operations for years ended December 31, 2011 and 2012.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Commerzbank $120,000 facility</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 27, 2007, the Company entered into a loan agreement with Commerzbank AG in the amount of up to $120,000 in order to partially finance the acquisition cost of the second hand vessels, <font style="FONT-STYLE: italic">Star Gamma</font>, <font style="FONT-STYLE: italic">Star Delta</font>, <font style="FONT-STYLE: italic">Star Epsilon</font>, <font style="FONT-STYLE: italic">Star Zeta</font>, and <font style="FONT-STYLE: italic">Star Theta</font>, which also provide the security for this loan agreement. Under the terms of this loan facility, the repayment of $120,000 is over a nine year term and divided into two tranches. The first of up to $50,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $2,250 each, (ii) the next thirteen installments amount to $1,000 each (iii) the remaining eleven installments amount to $1,300 each and a final balloon payment of $13,700 is payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $4,000 each (ii) the remaining twenty-four installments amount to $1,750 each and a final balloon payment of $12,000 is payable together with the last installment. The loan bears interest at LIBOR plus a margin at a minimum of 0.8% per annum "p.a." to a maximum of 1.25% p.a. depending on whether the aggregate drawdown ranges from 60% up to 75% of the aggregate market value of the 'initial fleet'.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, and (iii) an aggregate market value of the vessels mortgaged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On June 10, 2009, the Company entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111%. As further security for this facility, the Company shall provide a first preferred mortgage on the vessel <font style="FONT-STYLE: italic">Star Alpha</font> and shall pledge an amount of $6,000 to the lenders. Furthermore, the interest spread was increased to 2.00% p.a. for the duration of the waiver period. Subsequent to the waiver period, if the asset cover percentage is less than 60%, between 60% to 70%, between 70% to 75% and more than 75%, the interest spread should be 0.8%, 0.9%, 1.0% and 1.25% respectively. In addition, during the waiver period, payments of dividend, share repurchases, and investments are subject to the prior written consent of the lenders.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 24, 2009, the Company entered into a second supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011, the security cover shall be at least 111% and 118%, respectively whether at all times thereafter 135%. Furthermore, the bank consented to: i) the sale of <font style="FONT-STYLE: italic">Star Alpha</font>, ii) the payment of dividends not exceeding $0.05 per share in each quarter iii) the reduction of minimum liquidity from $1,000 to $650 per fleet vessel, iv) the increase of the pledged deposit by $1,250 from $6,000 to $7,250. The interest spread was also maintained to 2.00% p.a. for the duration of the waiver period. Based on the same agreement after the waiver period on January 31, 2011 the minimum liquidity was increased from $650 to $1,000 per fleet vessel and the pledged deposit of $7,250 was released.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and 2012, the Company had outstanding borrowings of $84,000 and $71,386 respectively, under this loan agreement.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Commerzbank $26,000 facility</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 3, 2010 the Company entered into a loan agreement with Commerzbank AG in the amount of up to $26,000 in order to partially finance the acquisition cost of the second hand vessel, <font style="FONT-STYLE: italic">Star Aurora</font>, which is also provided as security for this loan agreement. The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, which commenced in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment. The loan bears interest at LIBOR plus a margin of 2.6% p.a.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, (iii) an actual pledged amount of $650 for this vessel that will increase to $1,000 when cash pledged due to waiver dated December 24, 2009 shall be released, and&#160;(iv) an aggregate market value of the vessel mortgaged as security under this loan agreement not less than 135% of the then outstanding borrowings at all times.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and 2012, the Company had outstanding borrowings of $21,250 and $17,064 respectively, under this loan agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">Restructuring Agreement -</font> Commerzbank $120,000 and $26,000 facilities</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 17, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amend the terms included in both loan agreements of $120,000 and $26,000 with Commerzbank AG (see a and b), as described below:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">To defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, (the "Deferred Amounts"); the Deferred Amounts will be added to the balloon payments, payable upon the expiration of the loan agreements in the fourth quarter of 2016 or in accordance with a cash sweep mechanism (see discussion below);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The on-charter covenant for the vessel Star Aurora on the $26,000 loan agreement&#160;to be&#160;waived until July 31, 2015;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be reduced from 135%, to 80%, from September 30, 2012 up to the year ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014 and to 110% for the six month period ending June 30, 2015. Thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Minimum liquidity requirement&#160;to be reduced to $500 for each of the Company's vessels from $1,000, until December 31, 2014;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The actual pledged amount on the $26,000 loan agreement, to be reduced to $750 from $1,000;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Margin to be increased to 3.00% p.a., for both facilities for as long as deferred amounts are outstanding and/or until original terms are complied with;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company to pay a flat fee of 0.40% of the combined outstanding loan amount of the two facilities to the lender;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The market value adjusted equity ratio to be reduced to 15% from 25%, from September 30, 2012 up to the year ending December 31, 2014;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term Debt- (continued):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">Restructuring Agreement -</font> Commerzbank $120,000 and $26,000 facilities &#8211; (continued)</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Additional financial covenant requirement to be added, ratio of EBITDA (as will be defined in the definitive documentation) to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A semi-annual cash sweep mechanism to be implemented on all mortgaged vessels on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as repayment of the Deferred Amounts;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Carriers Corp. shall not pay any dividends following the agreement with the Bank as long as Deferred Amounts are outstanding and/or until original terms are complied with;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A prepayment of $2.0 million, payable by December 31, 2012, to be applied pro rata against the balloon payments of the two facilities;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">An equity increase of $30.0 million to be effected until and including December 31, 2013;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Increase the Company's vessel management services to cover at least 10 third-party vessels by December 31, 2013.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Credit Agricole Corporate and Investment Bank $70,000 facility</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 20, 2011, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank for a term loan up to $70,000 to partially finance the construction cost of Company's two Newbuildings, <font style="FONT-STYLE: italic">Star Borealis</font> and <font style="FONT-STYLE: italic">Star Polaris</font><font style="FONT-STYLE: italic; DISPLAY: inline">, </font>which were delivered in 2011. The shipbuilding contracts and refund guarantees were assigned to the lender as security for this loan agreement and the vessels, upon their delivery, were mortgaged as security for this loan agreement. The total amount that was drawn down totaled to $67,275. Under the terms of this term loan facility, the repayment is over a seven year period and commenced three months after the delivery of each vessel. The loan is repayable in twenty eight consecutive quarterly installments, per vessel, amounting to $485.4 and $499.7, respectively and a final balloon payment which is payable together with the last installment of $19,558.2 and $20,134 for <font style="FONT-STYLE: italic">Star Borealis</font> and <font style="FONT-STYLE: italic">Star Polaris</font>, respectively. The loan bears interest at LIBOR plus a margin of 2.7% p.a.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This loan agreement with Credit Agricole Corporate and Investment Bank contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $500 per fleet vessel, whichever is greater, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.7:1, effective from October 15, 2011, and (iii) an actual pledged amount of $500 per mortgaged vessel and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration such approved charter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term Debt- (continued):</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Credit Agricole Corporate and Investment Bank $70,000 facility-(continued)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 14, 2012, the Company agreed to enter into a loan supplemental agreement and agreed, to amended terms with Cr&#233;dit Agricole Corporate and Investment Bank, as described below:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The ratio of the total indebtedness of the borrower less liquid funds over the market value of all vessels owned to be increased to 0.95:1.0 from 0.7:1.0 until March 31, 2014;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount will be amended to 105% from 120% until the March 31, 2014. Thereafter and until the repayment of the loan the asset cover ratio will return to its initial level;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Minimum liquidity will be decreased to $7,000 or $500 per fleet vessel, whichever is higher, from $10,000;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014 and as long as the financial covenants included in the original agreement dated January 20, 2011 are not met. During this period, all surplus earnings of the financed vessels under the specific loan agreement, after operating expenses and debt service will be held in lender's account and not to be distributed to the Company.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and December 31, 2012, the Company had outstanding borrowings of $66,790 and $62,849 respectively, under this loan agreement.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ABN AMRO Bank $31,000 facility</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 21, 2011, the Company entered into a senior secured credit facility with ABN AMRO Bank for $31,000, which was drawn down in full to partially finance the acquisition of <font style="FONT-STYLE: italic">Star Big</font> and <font style="FONT-STYLE: italic">Star Mega</font>, which were mortgaged to provide the security for this senior secured credit facility. Under this senior secured credit facility, the wholly-owned subsidiaries that own these two vessels are the borrowers and the Company is the corporate guarantor. This senior secured credit facility is repayable in 18 consecutive quarterly installments which commenced three months after the initial borrowings, in October 2011. The first 14 installments amount to $1,400 each, the remaining four installments amount to $625 each and a final balloon payment of $8,900 is payable together with the last installment. This senior secured credit facility bears interest at LIBOR plus a margin of 2.9%.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This senior secured credit facility contains financial covenants and other customary covenants, including requirements to maintain: (i) the leverage ratio shall not be greater than 70%, (ii) a ratio of EBITDA&#160;&#160;to interest expense, no less than 3.0:1.0, (iii) minimum liquidity of $10,000 or $750 for each of the Company's vessels, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100,000 and (v) a maintenance reserve account up to $1,500 which can only be used for the payment of the dry-docking of vessel <font style="FONT-STYLE: italic">Star Mega</font>. The total amount included in the maintenance reserve account was released in September 2012 in order to cover part of the respective vessel's dry-docking cost. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of <font style="FONT-STYLE: italic">Star Big</font> and <font style="FONT-STYLE: italic">Star Mega</font> of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the time charter of the <font style="FONT-STYLE: italic">Star Mega</font> and 150% thereafter. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of the Company's outstanding common shares.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ABN AMRO Bank $31,000 facility (continued)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 16, 2012, the Company entered into a supplemental agreement with ABN AMRO Bank (the Company was committed to this agreement as of January 26, 2012). Under the terms of this agreement for the period from January 26, 2012 until January 31, 2013 the "Waiver Period", the minimum security cover ratio was reduced to 100%, the leverage ratio increased to 75% and the margin increased to 3.4% p.a. from 2.9% p.a.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 29, 2013, the Company entered into a waiver agreement with ABN Amro Bank N.V. Under the terms of this agreement for the period from October 1, 2012 until December 31, 2014 the "New Waiver Period", it is agreed to amended terms as described below:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The minimum market adjusted net worth of the group to be decreased to $30,000 from $100,000;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The minimum liquidity of $750 per fleet vessel to be reduced to $500 per fleet vessel;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Ratio of EBITDA to interest expense to be decreased to 1.5:1.0 from 3.0:1.0;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Total leverage ratio of the corporate guarantor to be increased to 110% from 75%;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Minimum security cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount,&#160;to be amended to 75% from 100%.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Margin increase of 50bp if the Company fails to raise equity in an amount of $30.0 million until March 31, 2013;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Carriers Corp. shall not pay any dividends during the New Waiver Period.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and, 2012, the Company had outstanding borrowings of $29,600 and $24,000 respectively, under this loan agreement.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">HSH Nordbank AG $64,500 facility</font></div>
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<div style="MARGIN-LEFT: 45pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 3, 2011 the Company entered into a new $64,500 secured term loan agreement with HSH Nordbank AG. Under this facility, Company's wholly-owned subsidiaries that own <font style="FONT-STYLE: italic">Star Cosmo</font>, <font style="FONT-STYLE: italic">Star Kappa</font>, <font style="FONT-STYLE: italic">Star Sigma</font>, <font style="FONT-STYLE: italic">Star Omicron</font> and <font style="FONT-STYLE: italic">Star Ypsilon</font> are the borrowers and Star Bulk Carriers Corp. is the corporate guarantor. The borrowing under this new loan agreement together with $5,326 in cash used to repay in full the Company's indebtedness under its old loan agreements with Piraeus Bank S.A; a term loan of $150,000 dated April 14, 2008 and of a term loan of $35,000 dated July 1, 2008, in 2011. The senior secured term loan facility consisted of two tranches. The first tranche amounted to $48,500 the ("Supramax Tranche") and is repayable in 20 quartely consecutive installments of $1,250 each, which commenced in January 2012, and a final balloon payment of $23,500. The second tranche amounted to $16,000 the ("Capesize Tranche") and is repayable in 12 consecutive installments of $1,333 each, which commenced in January 2012. The Supramax Tranche bears interest at LIBOR or cost of funds, whichever is greater plus a margin of 2.75% and the Capesize Tranche bears interest at LIBOR or cost of funds whichever is greater, plus a margin of 3.00%.</font></div>

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<div style="MARGIN-LEFT: 45pt" align="justify"><font size="3" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">This loan agreement contains financial covenants including requirements to maintain (i) the ratio of indebtedness of the borrower over the aggregate fair market value of the assets shall not be greater than 75% until December 31, 2013 and 70% thereafter; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) an actual pledged amount of $2,000 or $400 for each mortgaged vessel under this credit facility, whichever is greater; (v) a minimum liquidity of $10,000; (vi) an actual pledged amount of $6,504 representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date; and (vii) an aggregate market value of the vessels mortgaged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Capesize Tranche and (b) 167% of the then outstanding borrowings thereafter.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term Debt- (continued):</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">HSH Nordbank AG $64,500 facility (continued)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Restructuring Agreement</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 21, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amended terms with HSH Nordbank AG, as described below:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">To defer of a minimum of approximately $3.5 million during the period from January 1, 2013 until December 31, 2014;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">To prepay in total $6.6 million of which $3.5 million will be applied against the balloon payment of Supramax Tranche and $3.1 million will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013, using pledged cash already held by the bank. This pledged amount will cease being a requirement for this facility following the prepayment;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The actual pledged amount to be reduced to $200 from $400 for each mortgaged vessel under this credit facility. The released amount of $800 to be used as a partial prepayment of the Supramax Tranche (50% to be applied against the balloon payment of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The minimum liquidity of $10,000 to be reduced to $7,000 or $500 per fleet vessel until and including December 31, 2014;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The ratio of indebtedness of the borrowers over the aggregate fair market value of assets to be increased to 90% from 75% until and including December 31, 2014;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The minimum market adjusted net worth of the Company to be decreased to $30,000 from $100,000 until and including December 31, 2014;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to&#160;be amended to 100% from September 30, 2012 until and including December 31, 2012 and to 110% from January 1, 2013 until and including December 31, 2013. Thereafter and until the repayment of the loan, the asset cover ratio&#160;to return to 125%;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The margin to be increased to 3.50% for both Supramax and Capesize Tranches from 3.00% and 2.75% for the Capesize and the Supramax Tranche, respectively, from January 1, 2013 until December 31, 2014 (in the case that an event of default and/or covenant breach, has occurred, the increased margin will apply until the breach is remedied);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The waiver of the aggregated market value covenant, which required the vessels mortgaged under this loan agreement to maintain a value of 167% of the outstanding borrowings, upon the repayment of the Capesize Tranche, until and including December 31, 2013.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term Debt- (continued):</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">HSH Nordbank AG $64,500 facility (continued)</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">These amendments will apply, subject to several conditions, as described below:</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A semi-annual cash sweep mechanism will be effected from June 30, 2013 and will be implemented on all vessels mortgaged under this loan agreement on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as applied to the balloon payment of the Supramax Tranche.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 42.55pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In the event of the sale of the vessel <font style="FONT-STYLE: italic">Star Sigma</font> during the calendar years 2013 and 2014, proceeds from such sale will be used to fully repay the Capesize Tranche, while the remaining amount will be applied pro-rata against the remaining quarterly repayment installments of the Supramax Tranche until December 31, 2014;</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 42.55pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Star Bulk Carriers Corp. and the ship-owning subsidiaries shall not pay any dividends following the agreement with the Bank until December 31, 2014, or later in case of a covenant breach;</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 42.55pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">An equity increase of a minimum of $20.0 million within the year ending December 31, 2013 and starting to apply from October 1, 2013, the proceeds of which are to be used solely for investment on new vessels' acquisition(s);</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 42.55pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Payment of a one-time processing fee of $12.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and, 2012, the Company had outstanding borrowings of $64,500 and $48,815 respectively, under this loan agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012 the Company was in compliance with the restructured loan covenants.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The weighted average interest rate related to the Company's existing debt (including the margin) as of December 31, 2010, 2011 and 2012 was 2.73%, 3.25% and 2.92% respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The principal payments required to be made after December 31, 2012 for all outstanding debt are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Years</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,766</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">23,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,215</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">96,745</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2017</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,941</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">December 31, 2018 and thereafter</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">43,147</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">224,114</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Interest expense for the years ended December 31, 2010, 2011 and 2012 amounting to $5,317, $4,698 and $7,167, respectively, amortization of deferred finance fees amounting to $329, $329 and $502, respectively, and other finance fees amounting to $270, $200 and $169, respectively, are included under "Interest and finance costs" in the accompanying consolidated statements of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The unamortized balance of the deferred financing fees relating to Piraeus Bank S.A. loan facilities, which were fully repaid in 2011, amounting to $307, were written off and included under "Loss on debt extinguishment<font style="DISPLAY: inline; FONT-WEIGHT: bold">" </font>in the accompanying consolidated statement of operations for the year ended December 31, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All vessels are first-priority mortgaged as collateral to the Company's loan facilities.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-30</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Stock: </font>Star Bulk is authorized to issue up to 25,000,000 shares of preferred stock, $0.01 par value with such designations, as voting, and other rights and preferences, as determined by the Board of Directors. As of December 31, 2011 and 2012 the Company had not issued any preferred stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Common Stock: <font style="FONT-WEIGHT: normal">Until 2009,</font> </font>Star Bulk was authorized to issue 100,000,000 registered common shares, par value $0.01. On November 23, 2009 at the Company's annual meeting of shareholders, the Company's shareholders voted to approve an amendment to the Amended and Restated Articles of Incorporation increasing the number of common shares that the Company was authorized to issue from 100,000,000 registered common shares, par value $0.01 per share, to 300,000,000 registered common shares, par value $0.01 per share.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Each outstanding share of the Company's common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by the Company's board of directors out of funds legally available for dividends. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of the Company's securities. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which the Company may issue in the future.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On July 22, 2011, the Company offered 16,700,000 common shares in an underwritten public offering at a public offering price of $1.80 per share less underwriters' discount. All of the shares in the offering were sold by the Company. The Company used the net proceeds of this offering to fund a portion of the aggregate purchase price of <font style="FONT-STYLE: italic">Star Big</font> and <font style="FONT-STYLE: italic">Star Mega</font> and for working capital purposes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">15-for-1 reverse stock split</font>: Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company's 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company's common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company's common stock received a cash payment in lieu of such fractional share.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">8.</font>&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred, Common Stock and Additional Paid in Capital (continued):</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Share re-purchase Plan: </font>On February 23, 2010, the Company's Board of Directors adopted a stock repurchase plan for up to $30,000 to be used for repurchasing the Company's common shares until December 31, 2011. All repurchased shares will be cancelled and removed from the Company's share capital.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On August 10, 2011, the Company's Board of Directors decided to reinstate the share repurchase plan with the limitation of acquiring up to a maximum amount of $3,000 worth of Company's shares, at a maximum price of $1.30 per share. On November 9, 2011 the Company's Board of Directors extended the duration of the share repurchase plan until December 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During the year ended December 31, 2012 the Company repurchased and cancelled 61,730 treasury shares, which were repurchased in the open market for an aggregate purchase price of $0.9 million, pursuant to the terms of Company's existing share repurchase plan and has $2.1 million of remaining capacity under the plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During the years ended December 31, 2010 and 2011, there were no shares repurchased.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">9.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Operational Gain:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For the year ended December 31, 2010, other operational gain totaled $26,648 and represented a gain of $21,648 in connection to the settlement of a commercial claim, related to the vessel <font style="FONT-STYLE: italic">Star Ypsilon</font> (see Note 15 (c)) and an amount of $5,000 from the sale of 45% interest in future proceeds related to the settlement of several commercial claims (Note 10). Other operational gain for the year ended December 31, 2011 totaled $9,260 and comprised of a consideration received of $9,000 related to the settlement of a commercial claim with Oldendorff Gmbh &amp; Co. KG (see Note 15(a)), and a gain of $260 relating to a hull and machinery claim. For the year ended December 31, 2012, other operational gain totaling $3,507, mainly consists of $2,514 and $157, which represent non-recurring revenues from the settlement of two commercial claims (see Note 15 (d) and (f)) and a gain from hull &amp; machinery claim amounting to $812.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Operational Loss:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 29, 2010, the Company agreed with a third party to sell a 45% interest in the future proceeds related to the recovery of certain of the commercial claims against a consideration of $5,000 (Note 15(a) and Note 15(d)). During the year ended December 31, 2011 the Company paid $4,050 to the third party relating to the settlement of one of the legal cases included in the above mentioned agreement. This amount is presented in "Other operational loss" in the accompanying consolidated statements of loss. For the year ended December 31, 2012, other operational loss amounting to $1,226 mainly consists of an amount of $1,131 representing the expense incurred by the Company towards the third party mentioned above, in connection with the settlement of one of the legal cases also included in the above mentioned agreement. For the year ended December 31, 2010, no other operational loss was recorded.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All shares issued (including the restricted shares issued under the Company's equity incentive plan) are the Company's common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic loss per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the years ended December 31, 2010, 2011 and 2012 the weighted average number of diluted shares outstanding would have included&#160;&#160;the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. However, and as the Company incurred losses in these years, the effect of such incremental shares would be anti-dilutive and therefore, basic and diluted losses per share are the same amounts. The Company calculates basic and diluted losses per share as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Net loss</font></div>
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<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(5,131</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(69,559</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(314,521</font></td>
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</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="64%">
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</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,099,277</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,736,485</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,393,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Loss per share, basic and diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(1.25</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(14.69</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(58.32</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>
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<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">12.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Equity Incentive Plan:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 8, 2007, the Company's Board of Directors adopted a resolution approving the terms and provisions of the Company's Equity Incentive Plan (2007 Plan). The Plan is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the successful conduct of the business of the Company, with incentives to enter into and remain in the service of the Company, acquire a propriety interest in the success of the Company, maximize their performance, and enhance the long-term performance of the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the 2007 Plan, officers, key employees, directors and consultants of Star Bulk and its subsidiaries will be eligible to receive options to acquire shares of common stock, stock appreciation rights, restricted stock and other stock-based or stock-denominated awards. Star Bulk has reserved a total of 2,000,000 shares of common stock for issuance under the plan, subject to adjustment for changes in capitalization as provided in the 2007 Plan.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 23, 2010, the Company's Board of Directors approved the Company's Equity Incentive Plan (the 2010 Plan). The Company has reserved a total of 2,000,000 shares of common stock for issuance under the 2010 Plan, subject to adjustment for changes in capitalization as provided in the 2010 Plan. All provisions of the 2010 Plan are similar with the 2007 Plan provisions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On August 31, 2011, the board of directors adopted the 2011 Equity Incentive Plan (the 2011 Plan). The Company reserved a total of 2,000,000 shares of common stock for issuance under the 2011 Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in such plan. All provisions of the 2011 Plan are similar with the 2007 and 2010 Plans provisions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-33</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">12.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Equity Incentive Plan (continued):</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Pursuant to Company's 2011, 2010 and 2007 Equity Incentive Plans, the Company issued the following securities:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">i)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 3, 2007, the Company granted to Mr. Tsirigakis, the Company's former Chief Executive Officer, and Mr. Syllantavos, the Company's former Chief Financial Officer, 6,000 and 5,000 non-vested shares of Star Bulk common stock, respectively.&#160;&#160;The fair value of each share was $230.10, which is equal to the market value of the Company's common stock on the grant date. The shares vest in three equal installments on July 1, 2008, 2009 and 2010. All 11,000 shares granted under this Plan were issued during 2008.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.249pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">ii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 31, 2008, the Company concluded an agreement with Company's Director Mr. P. Espig.&#160;&#160;Under this agreement, which is part of Company's Equity incentive plan, Mr. Espig received 10,000 non-vested shares of Star Bulk common stock. The fair value of each share was $170.85 which is equal to the market value of the Company's common stock on the grant date. The shares vested in two equal installments on April 1, 2008 and 2009. All 10,000 shares granted under this Plan were issued during 2008.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">iii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On December 5, 2008, an aggregate of 8,667 non-vested common shares to all of the Company's employees and an aggregate of 62,667 non-vested common shares to the members of the board of directors. The fair value of each share was $27.00 which is equal to the market value of the Company's common stock on the grant date. These shares were issued on January 20, 2009 and vested on January 31, 2009.</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">iv)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 4, 2010, an aggregate of 7,707 non-vested common shares to all Company's employees subject to applicable vesting of 4,624 common shares on June 30, 2010 and 3,083 common shares on June 30, 2011. The fair value of each share was $39.90 which is equal to the market value of the Company's common stock on the grant date.</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">v)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 24, 2010, an aggregate of 65,333 non-vested common shares to the members of Company's Board of Directors subject to applicable vesting of 32,667 common shares on each of June 30 and September 30, 2010. The fair value of each share was $41.25 which is equal to the market value of the Company's common stock on the grant date.</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vi)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On October 20, 2010, an aggregate of 9,333 non-vested common shares to all of the Company's employees and an aggregate of 71,333 non-vested common shares to the members of board of directors. The fair value of each share was $42.00 which is equal to the market value of the Company's common stock on the grant date. These shares vested on December 31, 2010.</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">vii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On February 7, 2011, 28,000 common shares were granted to Mr. Spyros Capralos, the Company's new Chief Executive Officer, pursuant to the terms of consultancy agreement with an entity owned and controlled by him. The shares vest in three equal installments on February 7, 2012, 2013 and 2014. The fair value of each share was $36.75 and has been determined by reference to the closing price of the Company's common stock on the grant date. The first installment of 9,333 shares that were vested on February 7, 2012, issued on April 20, 2012.</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">viii)</font></div>
</td>
<td>
<div align="justify">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On May 12, 2011, 16,533 restricted non-vested common shares and 5,533 common shares were granted to the former Chief Financial Officer pursuant to an agreement dated May 12, 2011 covering the terms of his severance. The respective stock based compensation was fully amortized at the date of his resignation by August 31, 2011. The fair value of each share was $34.50 and has been determined by reference to the closing price of the Company's common stock on the grant date.</font></font></div>
</div>
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<div><br>
</div>

<div>
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<div id="FTR">
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</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-34</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Equity Incentive Plan &#8211; (continued):</font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">ix)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On January 17, 2012, 90,667 restricted common shares were granted to certain directors, officers, employees of the Company and its subsidiaries. The fair value of each share was $13.50 and has been determined by reference to the closing price of the Company's common stock on the grant date. The respective shares were issued on April 20, 2012 and vested on March 30, 2012.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 20, 2011, the Company filed a registration statement on Form S-8 (File No. 333-176922) that covers the resale of up to 311,007 of the common shares that have been and may be issued under its 2007, 2010 and 2011 equity incentive plans.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">All non-vested shares are conditional upon the grantee's continued service as an employee of the Company. The grantee does not have the right to vote such non-vested shares until they vest or exercise any right as a shareholder of these shares, however, the issued and non-vested shares pay dividends as declared. For the years ended December 31, 2010, 2011, and 2012 the Company paid dividends on non-vested shares which amounted to $89, $29 and $0, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company estimates that there will be no forfeitures of non-vested shares. The shares which are issued in accordance with the terms of the Company's Equity Incentive Plans remain restricted until they vest.&#160;&#160;For the years ended December 31, 2010, 2011 and 2012, stock based compensation cost was $6,511, $1,362 and $1,546 respectively, and is included under "General and administrative expenses" in the accompanying consolidated statement of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A summary of the status of the Company's non-vested shares as of December 31, 2010, 2011 and 2012, and the movement during the years ended December 31, 2011 and 2012, is presented below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Number </font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">of shares</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Weighted Average Grant Date Fair Value</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unvested as at January 1, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">230.10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">153,707</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">41.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vested</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(154,291</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">46.05</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unvested as at December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,082</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">39.90</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unvested as at January 1, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,082</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">39.90</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">49,867</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">35.70</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vested</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(24,949</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">35.10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unvested as at December 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,000</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unvested as at January 1, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">28,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">90,667</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13.50</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Vested</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(100,000</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15.67</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unvested as at December 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">18,667</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2012, there was $144 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Equity Incentive Plans. The cost is expected to be recognized over a weighted-average period of 0.98 years. The total fair value of shares vested during the years ended December 31, 2010, 2011 and 2012 was $6,113, $561 and $1,386, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-35</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">13.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Accrued Liabilities</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Audit fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">213</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">159</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Legal fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Other professional fees</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;Vessel Operating and voyage expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,039</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,835</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Loan interest and financing fees</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,559</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,395</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Accrued Liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3,870</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3,422</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">14.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income Taxes:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">a)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Taxation on Marshall Islands Registered Companies</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under the laws of the countries of the shipowning companies' incorporation and/or vessels' registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes, which have been included under "Vessel operating expenses" in the accompanying statements of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.6pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">b)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Taxation on US Source Income &#8211; Shipping Income</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company believes that it and its subsidiaries are exempt from U.S. federal income tax at 4% on U.S. source shipping income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and the Company's stock is primarily and regularly traded on an established securities market in the United States, as defined by the Internal Revenue Code (IRC) of the United States.&#160;&#160;Under IRS regulations, a Company's stock will be considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; or&#160;(ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year. Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company's stock will not be considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company's outstanding stock, ("5 Percent Override Rule").</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-36</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">15.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Commitments and Contingencies:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company's vessels are covered for pollution in the amount of $1&#160;billion per vessel per incident, by the P&amp;I Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&amp;I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&amp;I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company commenced in 2008 an arbitration proceeding as claimant against Oldendorff Gmbh &amp; Co. KG of Germany ("Oldendorff"), seeking damages resulting from Oldendorff's repudiation of a charter party relating to the vessel <font style="FONT-STYLE: italic">Star Beta</font>. Under the terms of the settlement agreement dated April 1, 2011, Oldendorff paid to the Company an amount of $9,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations for the year ended December 31, 2011 (Note 9).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Arbitration proceedings commenced in 2009 pursuant to disputes that have arisen with the charterers of the vessel <font style="FONT-STYLE: italic">Star Alpha</font>. The disputes relate to vessel performance characteristics and hire. Star Bulk was seeking damages for repudiations of the charter party due to early redelivery of the vessel as well as unpaid hire of $2,096, while the charterers were seeking contingent damages resulting from the vessel's off-hire. The charterers subsequently entered into liquidation. Pursuant to a settlement agreement between the Company, the liquidator of the charterers and the sub charterers, entered into February 2011, the arbitration proceedings were discontinued and each party released each other from its respective claim. An amount of $2,096 is included under "Bad debt expense" in the accompanying consolidated statement of operations for the year ended December 31, 2010, associated with the write-off of this charterer's balance.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Arbitration proceedings against TMT seeking damages resulting from TMT's repudiation of the charter party of the vessel <font style="FONT-STYLE: italic">Star Ypsilon</font> due to the nonpayment of charter hire of $2,606 related to this vessel were discontinued in October 2010.&#160;&#160;During the months June and July 2010 the Company received the amount of $2,082 for unpaid charter hire, bunkers and interest. A final settlement was reached during October 2010, according to which the Company received the amount of $22,222, which resulted to a gain amounted to $21,648 and is included under "Other operational gain" for the year ended December 31, 2010, associated with the settlement of the unrealized revenues due to the early termination of the time charter of the vessel that occurred in July 2009 (Note 9).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company commenced arbitration proceedings against Ishhar Overseas that was the previous charterer of the vessels <font style="FONT-STYLE: italic">Star Epsilon</font> and <font style="FONT-STYLE: italic">Star Kappa</font>. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessel as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period of the charter parties. Claim submissions were filed. As of December 31, 2011, the Company determined that this amount was not recoverable and recognized a provision for doubtful receivables, amounting to $1,949, which is included under "Bad debt expense" in the accompanying consolidated statements of loss for the year ended December 31, 2011. On September 5, 2012, a settlement agreement was signed between the shipowning companies of <font style="FONT-STYLE: italic">Star Epsilon</font> and <font style="FONT-STYLE: italic">Star Kappa</font> and Bhatia International Ltd, which is the parent company of Ishhar Overseas. Pursuant to the terms of this agreement the Company will receive an amount of $5,000 in seventeen installments.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments varying between $250 and $500 will be received the last day of each month beginning from September 30, 2012. As of December 31, 2012 the Company has received an amount of $2,514 under the respective agreement which is included under "Other operational gain" in the accompanying consolidated statement of operations for the year ended December 31, 2012 (Note 9).</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">During July 2010, a dispute arose between the Company and Deiulemar that was the charterer of the vessel <font style="FONT-STYLE: italic">Star Beta</font>, for due hire and damages for the late redelivery of the vessel amounting to $1,732 which was included under "Trade accounts receivable, net" in accompanying consolidated balance sheets, while the charterers have a counterclaim for the vessel's performance. Pursuant to a settlement agreement signed on February 20, 2012, the Company received the amount of $1,040, the arbitration proceedings were discontinued and each party released each other from its respective claim. This event was qualified as an adjusting subsequent event under ASC 855 "Subsequent Events" and therefore the Company recognized a respective provision, amounting to $692, which was included under "Bad debt expense" in the accompanying consolidated statements of operations for the year ended December 31, 2011.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In February 2011, Korea Line Corporation ("KLC"), charterers at the time of the vessel <font style="FONT-STYLE: italic">Star Gamma</font> and of the vessel <font style="FONT-STYLE: italic">Star Cosmo</font> commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by the KLC's creditors on October 14, 2011, the Company was entitled to receive an amount of $6,839, 37% of which will be repaid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares. The Company will receive one common share of KLC with par value of KRW 5,000 (approx. $0.0047) for each KRW 100,000 (approx. $0.09) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be locked up for six months before trade. The Company does not expect that will have either control or significant influence over KLC as a result of the shares entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with the KLC under which the Company received an amount of $172 in October 2011 and an amount of $172 in January 2013, as part of the due hire for <font style="FONT-STYLE: italic">Star Gamma</font>. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels <font style="FONT-STYLE: italic">Star Gamma</font> and <font style="FONT-STYLE: italic">Star Cosmo</font> following the exercise of liens on the subhires due to KLC.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Commitments and Contingencies &#8211; (continued):</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Under these agreements the Company received an amount of $86 from <font style="FONT-STYLE: italic">Star Gamma</font> subcharter in December 2011 and an amount of $121 in March 2012 from <font style="FONT-STYLE: italic">Star Cosmo</font> subcharterer. As of December 31, 2011, the Company determined that an amount of $498 was not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision which is included under "Bad debt expense" in the accompanying consolidated statements of loss.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On November 19, 2012, the Company received 46,007 shares of KLC as part of the rehabilitation plan described above for the vessel <font style="FONT-STYLE: italic">Star Gamma</font>, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to $144. In December 2012, the Company also received an amount of $12 and $1 in cash, for <font style="FONT-STYLE: italic">Star Gamma</font> and <font style="FONT-STYLE: italic">Star Cosmo</font> respectively, pursuant to the terms of the rehabilitation plan. Total amount of $157 is included under "Other operational gain" in the accompanying consolidated statements of loss for the year ended December 31, 2012 (Note 9). The next bunch of 2,872 shares for the vessel <font style="FONT-STYLE: italic">Star Cosmo</font> is expected to be released from lock up on June 4, 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On September 29, 2010, the Company agreed with a third party to sell its 45% interest in the future proceeds related to the recovery of several commercial claims (Note 15(a) and Note 15(d)) against a consideration of $5,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations for the year ended December 31, 2010. This amount was collected in October 2010 (Note 10).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">In July 2011, the Company posted a cash collateral of &#8364;340,000 (approx. $448), in Spain for <font style="FONT-STYLE: italic">Star Cosmo</font> which had allegedly discharged oily water while sailing in Spanish waters in May 2011.&#160;&#160;Administrative investigations commenced locally. The cash collateral of &#8364;340,000 has been released to the Company in March 2012, after being replaced by a P&amp;I Letter of undertaking. The fines imposed have now been reduced to &#8364;260,000 (approx. $343) and the Company plans to file an administrative appeal to further reduce them or have them revoked. Until an irrevocable judgment is issued, the Company cannot estimate its exposure. Up to $1 billion of the liabilities associated with the individual vessels' actions, mainly for sea pollution, are covered by the Protection and Indemnity (P&amp;I) Club Insurance. The Company has not accrued any amount for the specific case.</font></div>

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<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount*</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">39,873</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">22,355</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2015</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">16,950</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2016</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">8,761</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2017</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,034</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2018 and thereafter</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">31,630</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">128,603</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 21.25pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">*</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">These amounts do not include any assumed off-hire except for the scheduled interim and special surveys of the vessels.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-39</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">16.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Trade Accounts Receivable, Net</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Trade accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">7,901</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5,969</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Allowance for doubtful debts</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(3,139</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Accounts Receivable, Net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">4,762</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5,969</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The movement in the allowance for doubtful debts is analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Balance as at January 1</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bad debt expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,139</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Less: Amount written off during the year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Balance as at December 31</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3,139</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>

<div align="left">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Voyage and Vessel Operating Expenses:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The amounts in the accompanying consolidated statements of operations are analyzed as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Voyage&#160;&#160;expenses</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Port charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,047</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">694</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,484</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bunkers</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,544</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">915</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">10,788</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Commissions &#8211; third parties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,180</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,347</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">947</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Commissions &#8211; related parties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,540</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,134</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Chartered-in vessel expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">11,180</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17,909</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Miscellaneous</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">348</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">327</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">195</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total voyage expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">16,839</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">22,429</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">19,598</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Crew wages and related costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,348</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,938</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,498</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Insurances</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,195</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,399</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,655</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Maintenance, Repairs, Spares and Stores</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">4,729</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">6,779</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Lubricants</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">1,925</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,189</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,046</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Tonnage taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">116</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">123</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">169</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Upgrading expenses</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">789</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Miscellaneous</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">735</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">679</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total vessel operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">22,349</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25,247</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">27,832</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
&#160;</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-40</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">18.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair value measurements:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The guidance related to Fair Value Measurements requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Level 1:</font></div>
</td>
<td align="left" valign="top" width="61%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Quoted market prices in active markets for identical assets or liabilities;</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Level 2:</font></div>
</td>
<td align="left" valign="top" width="61%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Observable market based inputs or unobservable inputs that are corroborated by market data;</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Level 3:</font></div>
</td>
<td align="left" valign="top" width="61%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Unobservable inputs that are not corroborated by market data.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fair value on a recurring basis</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Company trades in the freight derivatives (FFAs and freight options) and bunker derivatives markets with an objective to utilize those instruments as economic hedge instruments that can be highly effective in reducing the risk on specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Freight derivatives and bunker derivatives trading do not qualify for cash flow hedges for accounting purposes, therefore resulting gains or losses are recognized in the accompanying consolidated statements of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Dry bulk shipping freight derivatives have the following characteristics: they cover periods from several days and months to one year or more years; they can be based on time charter rates or freight rates on specific quoted routes; and they are executed between two parties. All Company's freight derivatives are cleared transactions. During 2010, the Company entered into several FFA contracts. All of the Company's FFAs are settled on a daily basis through the London Clearing House (LCH). There is also a margin maintenance requirement based on marking the contract to market. Freight options are treated as assets/liabilities until they are settled. During 2011 and 2012, the Company entered into several Freight derivatives, including freight options. As of December 31, 2011 fair value of derivative instruments liability, determined through Level 1 inputs of the fair value hierarchy as defined in ASC 820-10-35 Fair Value Measurements and Disclosure, Subsequent Re-measurement of FASB Accounting Standard Codification (ASC), was $82. As of December 31, 2012 the Company had no open positions on freight derivatives.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Bunker derivatives are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company's derivatives are traded as a derivative on the over-the-counter (OTC) market. During 2010, the Company entered into several bunker swap contracts. As of December 31, 2011 and 2012, the Company had no open positions on bunkers swaps.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As of December 31, 2011 and 2012, the cash margin requirement for future trades (of both freight and bunker derivatives) was $153 and $0 and is classified as short-term restricted cash in the accompanying consolidated balance sheets.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">For the years ended December 31, 2010, 2011 and 2012, the gain or (loss) recognized on freight and bunker derivative contracts is included under "Loss/ (gain) on derivative instruments" in the accompanying consolidated statements of operations and is analyzed as follows:</font></div>

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<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-41</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair value measurements &#8211; (continued):</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Freight Derivatives</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">2,078</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(41</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Bunker Derivatives</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2,083</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">390</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(41</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and non-current restricted cash balances, bearing interest at variable interest rates, approximate their recorded values as of December 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fair value on a nonrecurring basis</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">As a result of the decline in charter rates and vessel values during the last four years and because market expectations for future rates are low and vessel values are unlikely to increase to the high levels of 2008 in the foreseeable future, the Company reviewed, as of December 31, 2011 and September 30, 2012, the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review as of December 31, 2011 indicated that such carrying amount was not recoverable for two of the Company's vessels; <font style="FONT-STYLE: italic">Star Ypsilon</font> and <font style="FONT-STYLE: italic">Star Sigma</font> and as of September 30, 2012 indicated that such carrying amount was not recoverable for the Company's eight Supramax vessels and one of the Company's oldest Capesize vessel, <font style="FONT-STYLE: italic">Star Sigma</font>. Details of the impairment charge for each vessel, as of December 31, 2011, are noted in the table below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: calibri, sans-serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td colspan="3" valign="middle" width="44%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair Value Measurements Using</font></div>
</td>
<td align="left" valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Quoted Prices in Active Markets for Identical Assets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Level 1)</font></div>
</td>
<td valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Other Observable Inputs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Level 2)</font></div>
</td>
<td valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unobservable Inputs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Level 3)</font></div>
</td>
<td valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">impairment loss</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Star Ypsilon</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11,500</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,754</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Star Sigma</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14,000</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,266</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL</font></div>
</td>
<td align="left" valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">25,500</font></div>
</td>
<td align="left" valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">62,020</font></div>
</td>
</tr></table>
</div>
</div>

<div><br>
</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-42</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">18.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair value measurements &#8211; (continued):</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Details of the impairment charge for each vessel, as of December 31, 2012, are noted in the table below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="5" valign="middle" width="78%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair Value Measurements Using</font></div>
</td>
</tr><tr>
<td valign="bottom" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel</font></div>
</td>
<td valign="bottom" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Quoted Prices in Active Markets for Identical Assets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Level 1)</font></div>
</td>
<td valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Other Observable Inputs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Level 2)</font></div>
</td>
<td valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Significant Unobservable Inputs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Level 3)</font></div>
</td>
<td valign="bottom" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Vessel </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">impairment</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">loss</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Cosmo</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,000</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">45,838</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Delta</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">12,000</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">35,836</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Epsilon</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13,000</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36,756</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Gamma</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">14,000</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36,033</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Kappa</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">13,500</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">39,115</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Omicron</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">17,750</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">39,841</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Theta</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,000</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">36,784</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Zeta</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">15,250</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">29,811</font></div>
</td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="middle" width="16%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Star Sigma</font></div>
</td>
<td valign="middle" width="17%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">9,000</font></div>
</td>
<td valign="middle" width="15%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">3,205</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="middle" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL</font></div>
</td>
<td valign="middle" width="17%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">123,500</font></div>
</td>
<td valign="middle" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">-</font></div>
</td>
<td valign="middle" width="15%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">303,219</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The fair value is based on the Company's best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independents shipbrokers as of December 31, 2011 and September 30, 2012. The Company recognized a total impairment loss of $62,020 and $303,219, which was included under "Vessel impairment loss" in the accompanying consolidated statements of operations for the year ended December 31, 2011 and 2012, respectively.</font></div>

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<div><br>
</div>

<div>
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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">F-43</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">STAR BULK CARRIERS CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">December 31, 2011 and 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Expressed in thousands of U.S. Dollars &#8211; except for share and per share data, unless otherwise stated)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
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<div>&#160;</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">19.</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Subsequent Events:</font></div>
</td>
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</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">On March 14, 2013, the Company entered into an agreement with a third party in order to sell the vessel <font style="FONT-STYLE: italic">Star Sigma</font>, for a contracted price of $9,041 less commission of 5%. As of the date of this report, the vessel has not been delivered yet. The carrying amount of the vessel as of December 31, 2012 was $8,640.</font></div>

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<TYPE>EX-4.11
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Claas Ringleben &amp; Christiane Lippert</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Domstralle 18, 20095 Hamburg, Germany</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GREECE</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">December 17, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commitment Letter</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 54pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restructuring of USD 120 million Credit Facility for 5 Supramax bulk carriers dated 27<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Dec 2007 and of USD 26 million Credit Facility for a Capesize bulk carrier dated 3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> September 2010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Dear Petros, Spyros and Simos,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">We are pleased to inform you that we have obtained board approval to submit to your goodselves a binding offer for the restructuring of the above mentioned credit facilites. Set forth below is a summary of the main terms and conditions of the restructuring, and the entering into such commitment or the making of our offer shall be subject to satisfactory execution of legal documentation acceptable to us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">m/v Star Zeta, a 2003-built Supramx bulk carrier of 52,994 dwt, currently trading spot</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vessel B (USD26m facility)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">m/v Star Aurora, a 2000-built Capesize bulk carrier of 171,199 dwt, currently under period charter to Rio Tinto until July 2013</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(each <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal">a</font> "Vessel"</font>, and all together the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Vessels"</font>)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Part 1: The Parties:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Commerzbank Aktiengesellschaft, Frankfurt am Main</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Board of Managing Directors: Martin Blessing (Vorsitzender/Chairman),</font></div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: right"><img src="commerz_logo.jpg" alt=""></div>

<div>&#160;</div>

<div><br>
&#160;</div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manager:</font></div>
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<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Star Bulk Carriers Corp.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agent, Lender:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Commerzbank AG, Hamburg / Germany,</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">with the right to transfer all or part of the commitment / contribution to other banks, financial institutions or other third parties reasonably acceptable to the owners.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td colspan="4" valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Part 2: The Restructuring Terms:</font></font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td colspan="4" valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Terms, other than those explicitly referred to herein, shall remain unchanged and in full force and effect in accordance with the original terms of the Credit Facilities dated 27<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Dec 2007 and 3rd September 2010 respectively.</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Contribution</font></div>
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<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Equity contribution of USD 30 million, to be injected on 31<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> March 2013 at latest. (=Condition Subsequent).</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Prepayment</font></div>
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<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Prepayment of USD 2 milllion, payable at latest 31<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> Dec 2012, to be applied pro rata against the balloons of the above mentioned facilities</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Reduction of the scheduled repayment instalments as follows:</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Repayment</font></div>
</td>
<td colspan="2" valign="top" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q1-Q4 2013:</font></div>
</td>
<td valign="top" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">40% of the scheduled repayment instalments</font></div>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(=4 x USD 1,100,00 for Vessels A plus 4 x USD 380,000 for Vessel B)</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q1-Q4 2014:</font></div>
</td>
<td valign="top" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">50% of the scheduled repayment instalments</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(=1 x USD 1,375,00 and 3 x USD 1,525,000 for Vessels A plus 4 x USD 475,000 Vessel B)</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q1 2015 onwards:</font></div>
</td>
<td valign="top" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">USD 3,050,000 plus USD 950,000 as per the</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">original repayment schedules</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Reduction of repayment instalments amount to USD 14.73 million (the "Deferred Amounts")</font></div>
</td>
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<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Additional repayments towards deferred repayment instalments from excess cash (cash sweep on a pay-as-you-earn basis), to be tested half-yearly .</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Covenants</font></div>
</td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font></div>
</td>
<td colspan="2" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">On-charter covenant Vessel B, waived until 31<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> July 2015:</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="2" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Dividend payment and investment restriction for the existing capital for as long as Deferred Amounts are outstanding and/or until original terms are complied with. For USD 10 million of the new equity contribution investment restriction for as long as Deferred Amounts are outstanding. For the remaining USD 20 million of the new equity contribution investments have to be at least cash-flow neutral for the year following the investment, to be certified within the half-yearly compliance certificates; no dividend payments.</font></div>
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<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2</font></div>

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<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: right"><img src="commerz_logo.jpg" alt=""><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="3" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Up to USD 10 million of the new equity contribution to be held in Commerzbank accounts, unpledged, for as long as Deferred Amounts are outstanding, competetive bids assumed.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Undertaking:</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Within 2013 Borrowers undertake to bring at least 10 vessels not owned by Star Bulk under the management of the manager. Failure of which, a prepayment of USD 3 Million to be applied against the rescheduled instalment amounts will be due or the remaining rescheduled/reduced instalments will be increased by that amount.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="45%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Asset cover:</font></div>
</td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="3" valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Minimum Asset Cover Ratio to be at all times</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">- Full year 2013:</font></div>
</td>
<td colspan="2" valign="top" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">80%</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">- 1Q14-2Q14</font></div>
</td>
<td colspan="2" valign="top" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">85%</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">- 3Q14-4Q14</font></div>
</td>
<td colspan="2" valign="top" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">90%</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">- 1Q15 to 2Q15:</font></div>
</td>
<td colspan="2" valign="top" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">110%</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">- Thereafter:</font></div>
</td>
<td colspan="2" valign="top" width="22%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">135%</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="22%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Covenant compliance to be evidenced by provision of a half-yearly Compliance Certificate.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Covenants:</font></div>
</td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="2" valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Market value adjusted Equity ration :</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">min. 15% during 2013-2014</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="2" valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Liquid Fund / per Fleet Vessel :</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">USD 500,000 during 2013-2014</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="2" valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Pledged min. liquidity / vessel B:</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">USD 750,000 during 2013-2014</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&gt;</font></div>
</td>
<td colspan="2" valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">EBITDA / interest payment:</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">min. 1,5 during 2013-2014</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equal treatment</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">No favorable treatment of banks -</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conditions</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">net -</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Margin:</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">3.00% p.a. for both facilities for as long as Deferred Amounts are outstanding and/ or until original terms are complied with.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">1.75% p.a. for vessels A and 2.60% p.a. for vessel B thereafter</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Upfront Fee:</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">0.40% on the currently outstanding loan, due and payable in one amount or in portions (0.1% upon signing of the commitment letter; 0.3% per following quarter). Upfront fee shall in any case be due and payable, and not be subject to the success of the Equity Contribution, or any other provisos</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Computation:</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">actual/ 360</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="4" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CPs, Reps &amp;</font></div>
</td>
<td colspan="4" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Customary Conditions Precedent, Representations &amp; Warranties, and Events of Default, for</font></div>
</td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block"><img src="commerz_logo.jpg" alt=""></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warr., EoD</font></div>
</td>
<td valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">transactions of this nature</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost &amp; Expenditure:</font></div>
</td>
<td valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Borrowers/ Guarantor shall reimburse the Lender all usual costs and expenses which are related to this transaction, including but not limited to premiums (if applicable: including insurance tax thereon) for Mortgagees' Interest Insurance (Commerzbank wording, 110%), Add. Perils Insurance (Commerzbank wording, 110%), both taken out by the Lender, all reasonable out of pocket expenses incl. travel expenses, all legal fees and litigation costs, irrespective of whether the Credit Facility is concluded or not.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Taxation:</font></div>
</td>
<td valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">All payments of principal and interest, or any other payments in relation to the Credit Facility will be made without deduction or withholding for any taxes, royalty payments, duties, assessments or charges of whatsoever nature, present and future. In the event that any such taxes and/or withholdings are imposed in the future, the Borrower / Guarantors shall make such additional payments, as are necessary to cause the Lender to receive net the amount which it would have received had no such taxes been imposed</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Law:</font></div>
</td>
<td valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">All documents in relation to the above sketched transaction (with the exception of the Vessel's mortgage, which shall be governed by the law and jurisdiction of the registry of the mortgaged Vessel, and the Account Pledges, which shall be governed by German law and jurisdiction) to be governed by English law and jurisdiction. The documentation shall be prepared by a law firm appointed by the Agent.</font></div>
</td>
</tr><tr>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Please be informed that the terms and conditions set out in this Commitment Letter are the most essential ones only. We kindly ask you to confirm your acceptance of our Commitment Letter by returning to us a copy hereof duly signed by authorised signatories of the Borrowers and the Guarantor.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Commitment will remain open for acceptance until <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">21</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold; TEXT-DECORATION: underline">st</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline"> December 2012.</font> Any extension of the acceptance period shall be in our sole discretion.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Yours sincerely, </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Commerzbank AG</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">/s/ Martin Hugger</font></div>
</td>
<td valign="top" width="24%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Dear Sirs,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Following your recent request please find below CACIB's approved terms with respect to above:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fleet Leverage</font>: Maximum 16erage at the STAR BULK level of no more than 95% until QI 2014 and subject to no material adverse change in the financial position of the vessels. Post QI 2014, the fleet leverage covenant to revert to its originally approved level of maximum at 70%.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ACR on CACIB financing</font>: Minimum ACR until QI 2014 at 105%. Thereafter, the provisions of the Loan Agreement apply.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liquidity</font>: The higher of US$ 7.0 million and US$ 500,000 per vessel.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Dividends: No dividend distributions will be allowed until QI 2014 and as long as the original financial covenants under the signed Loan Agreement are not complied with. During this period, all surplus earnings (earnings net of opex and debt service) out of the operation of the financed vessels to be kept in the accounts,of the vessels held with CACIB and not to be streamed-up to the Borrower.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">We look forward to your agreement, whereupon we will instruct WW to prepare the requisite documents to record the above changes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Yours faithfully,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For CR&#201;DIT ARGICOLE</font></div>

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<TYPE>EX-4.13
<SEQUENCE>4
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 4.13</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">STAR BULK CARRIERS CORP.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Kindly note that at this stage, this firm offer letter ("Firm Offer Letter") summarizes certain terms and conditions under which we are prepared to grant the amendments of certain financing terms of the Facility and is strictly subject to sup&#173;plemental loan and security documentation to be in form and substance satisfactory to HSH NORDBANK AG.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CONFIDENTIALLY</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The Borrower{s), Corporate Guarantor, and HSH acknowledge the confidential nature of the terms contained in this Firm Offer Letter . They agree and commit to keep confidential the terms and the existence of this Firm Offer Letter. Without prejudice to disclosure required by law no disclosure of these terms to third parties Is permitted other than disclosure to their respective employees or advisors on a need-to-know basis for the purpose of evaluation.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TERM LOAN FACILITY OF INITIALLY USD 64,500,000</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> OCTOBER 2011, ENTERED INTO BETWEEN THE LENDER AND THE BORROWERS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SUMMARY OF TERMS AND CONDITIONS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IN RELATION TO REQUEST BY THE BORROWERS AND THE CORPORATE GUARANTOR FOR AMEND</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MENT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">20 December 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Thursday, 20 December 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amendment of certain terms and conditions of the facility (on an </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">indicative basis)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">1.</font></div>
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</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">USDm 3.50 against the balloon of the Supramax tranche;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">USDm 3.09 pro-rata against the 8 quarterly repayment instalments of the Supra-max tranche starting with the scheduled repayment date in 01/2013;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">2.</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The minimum liquidity (currently USOm 0.40 per mortgaged ship; USDm 1.60 in total) to be reduced by 50% to USDm 0.20 per mortgaged ship (USDM 0.80 in total); the "released" amount of USDm 0.80 to be used as a partial prepayment of the Supra-max tranche together with the USDm 6.59; such amount of USDm 0.80 to be applied in the following way:</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">50% to be applied against the balloon of the Supramax tranche;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">50% to be applied pro-rata against the 8 quarterly repayment instalments of the Supramax tranche starting with the scheduled repayment date in 01/2013;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">3.</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">A relaxation of the financial covenants (mininum net worth, maximum leverage ratio, mininum liquid funds, as proposed by the Corporate Guarantor) starting with 30.09.2012 until and including 31.12.2014; such relaxation to be as follows:</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">minimum liquid funds: USDm 0.50 per fleet vessel (-&gt; currently: USDm 7) instead of USDm 10;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">maximum leverage ratio: 90% instead of 75%;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(c)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">minimum net worth: USDm 30 instead of USDm 100;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">4.</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">A relaxation of the asset cover ratio ("<font style="DISPLAY: inline; FONT-WEIGHT: normal">ACR</font>") covenant as follows:</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">temporary and retroactive readjustment for 3 months (i.e. from 30/9/2012 until and including 31/12/2012) at the level of 100%;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">temporary readjustment from 01.01.2013 until and including 31.12.2013 at the level of 110%. The initial covenanted level of 125% will be applicable again from 01.01.2014.</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">5.</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Waiver of the provision of the loan agreement according <font style="DISPLAY: inline; FONT-WEIGHT: bold">to </font>which on the Applicable Date (i.e. the date upon which all securities in relation <font style="DISPLAY: inline; FONT-WEIGHT: bold">to </font>the remaining Capesize vessel are released) the value maintenance clause has to be 167% until and including 31.12.2013;</font></div>
</td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">6.</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">We continue to allow "cross transfers" from the Technical Manager's account at HSH (see reference to conditions under item (11) further below);</font></div>
</td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">on the conditions that:</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">1)</font></div>
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<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">a cash sweep mechanism is Implemented on Borrowers' level, Including (but not limited to; see below) all earnings of the four vessels securing our facility after opex, dry docking provision, G&amp;A expenses and debt service;</font></div>
</td>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">such cash sweep mechanism to be implemented on a semi-annual and per ship basis (regarding the vessels financed by us), i.e. as per 31.12. and 30.06. of each fi&#173;nancial year, starting with 30.06.2013;</font></div>
</td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
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</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">such excess cash calculation regarding 31.12. to be provided together with the release of the full year audited financial statements (i.e. on the earlier of 180 days and the date the annual audited financial statements are released) and duly certi&#173;fied as to their correctness by the relevant auditors;</font></div>
</td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(c)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">such excess cash calculation regarding 30.06. to be provided together with the release of the semi-annual financial statements (I.e. on the earlier of 90 days and the date the semi-annual financial statements are released) and duly certified as to their correctness by the CFO of the corporate guarantor and a director of the respective borrower(s);</font></div>
</td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(d)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">if a positive excess cash has been calculated, such amount to be fully paid on the date such calculation is provided (as described above) as a prepayment to HSH Nordbank, to be applied to the balloon payment of the Supramax tranche;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">2)</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">HSH Nordbank has the right to the higher of (I) full sale proceeds of the mortgaged vessel my STAR SIGMA and (ii) such prepayment amount as is due and applicable in correspondence with the relevant prepayment clause of the existing loan agrement; such sale proceeds resp, prepayment amount to be applied in the following way:</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">full repayment of the Capesize tranche;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the balance of the full sale proceeds after repayment of the Capesize tranche to be fully utilized to prepay the Supramax tranche;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(c)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the prepayment of the Supramax tranche to be applied pro-rata against the re&#173;maining quarterly repayment instalments until 12/2014, starting with the next scheduled quarterly repayment date following the sale of the Capesize vessel;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">3)</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">In case of a sale of any of the remaining Supramax vessels under the Facility during the relaxation period (I.e. from the date of signing this Firm Offer Letter until 31.12.2014), HSH will have the right to the higher of (I) full sale proceeds and (ii) such prepayment amount as is due and applicable in correspondence with the relevant prepayment clause of the existing loan agreement, which will be applied in the following way (and in accordance to the provisions of the loan agreement):</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">for the partial prepayment of the Supramax tranche;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
</td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the prepayment of the Supramax tranche to be applied pro rata against the remaining quarterly repayment instalments and the balloon until maturity.</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">4)</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">100% dividend restriction on the Corporate Guarantor's level for the period 31.12.2012 until and including 31,12.2014, or later in case of a covenant breach and / or an event of default has occurred or is continuing and / or in case of a potential event of default;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">5)</font></div>
</td>
<td colspan="2" valign="top" width="50%">
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</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">6)</font></div>
</td>
<td colspan="2" valign="top" width="50%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">a share capital increase of USDm 20-30 is being effected until and including 31.12.2013 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">and the proceeds of such capital increase to be used solely for investment on new ves&#173;sels' acquisition(s); such condition starting to apply from 1.10.2013; unless the Corpo-</font></font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Thursday, 20 December 2012</font></div>
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<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#160;</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">rate Guarantor has already completed such equity offering prior to 1.10.2013;</font></font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">7)</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">8)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">all banks / financial institutions being lenders to the group and / or group member(s), agree to the relaxation of covenants on the Corporate Guarantor's level;</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">9)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">margin increase to 3.50% p.a. (applicable to both the Suprarnax tranche and the Cape-size tranche) applicable from 01.01.2013 until 31.12.2014 (end of the relaxation period) unless there is an event of default and / or covenant breach which has occurred and/or is continuing (in such a case, the increased margin will apply until the said co&#173;venant breach/es is/are remedied)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">processing fee of USD 12,000 flat, payable upon signing/acceptance of the relative Firm Offer;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">re 6. "cross transfers":</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(a)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">the Technical Manager provides an account pledge in favour of HSH Nordbank in respect of its account(s) held with HSH Nordbank;</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(b)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">same treatment by other banks: also all other banks would allow for such "cross transfers"; the moment we get to know that any other lender stops applying this mechanism, we will have the right to immediately stop/block such transfers as well;</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">no event of default or potential event of default;</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">(d)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">no covenant breach;</font></div>
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
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<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Signing Date</font></div>
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<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Conditions Precedent</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Resolution of board of directors of the Borrowers, if applicable</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Shareholder Resolution, if applicable</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Update on Business Plan relating to the Borrowers and the Corporate Guarantor</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Favourable legal opinions regarding the laws under which the Borrowers and the Cor&#173;porate Guarantor are established and regarding the enforceability of the established security and validity of the Documents or other legal opinions as required by MLA.</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Compliance with all Representations, Warranties and covenants</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">STAR COSMO LLC ET AL</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Thursday, 20 December 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Page 4 | 7</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">STAR BULK CARRIERS CORP.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">CONFIDENTIAL</font></div>
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<td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Evidence that the Security has been validly established</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Warranties</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Solvency of the Borrowers and the Corporate Guarantor</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<td valign="top" width="46%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">No Event of Default or potential Event of Default</font></div>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="46%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">&#9679;</font></div>
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<td valign="top" width="46%">
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%">
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<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Any publicity regarding the amendment of certain terms of the Facility to be agreed in advance by the MLA.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Term Sheet</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">All Documents will be executed in English, unless by law required to be executed in a different language, in which case an official English translation shall be provided at the cost of the Borrowers.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Governing Law</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">This Term Sheet shall be governed and construed in accordance with German law, The Finance Documents shall be governed and construed in accordance with English law or (in the case of the Security Documents) such other law which Is advised by the legal advisors. However, security granted by German entities shall, if not advised otherwise by the legal advisors, be governed and construed according to German law</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Jurisdiction</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">The courts of Hamburg will have exclusive jurisdiction to settle any dispute under this Firm Offer Letter. The courts of London shall (except where inappropriate for Security Documents) have exclusive jurisdiction to settle any dispute under the Facility Agreement to be supplemented / amended. No Finance Party shall be prevented from taking proceedings in any other courts with jurisdiction</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Correspondence language</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">This Firm Offer Letter will automatically expire on 21 December 2012 unless duly executed by the Borrowers and the Corporate Guarantor or extended at the sole discretion of the Lender/MLA.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">As an acknowledgement of your agreement to the terms and conditions presented herein, kindly sign below and return the executed original of this Firm Offer Letter not later than 21 December 2012. Otherwise this Firm Offer Letter will expire without any further notice.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">/s/ Christos G. Anagnostou</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Signatures:</font></div>
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<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">/s/ Georgia J. Mastagaki</font></div>
</td>
</tr><tr>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Name:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Christos G. Anagnostou</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Name:</font></div>
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</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Title:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">President / Secretary</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Title:</font></div>
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<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">President / Secretary</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Date:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">STAR COSMO, LLC LAMDA LLC</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Date:</font></div>
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</tr><tr>
<td valign="top" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">STAR YPSILON LLC*</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Agreed for the Corporate Guarantor:</font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Signatures:</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">/s/ Simos Spyrou</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Signatures:</font></div>
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<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Christos G. Anagnostou</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Title:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">CFO</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Title:</font></div>
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<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Date:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">21/12/2012</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Date:</font></div>
</td>
<td valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Agreed for HSH</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Signatures:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">/s/ Gregorios Kondilis</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Signatures:</font></div>
</td>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">/s/ Dr. Christina Stahn</font></div>
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<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Gregorios Kondilis</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Name:</font></div>
</td>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Dr. Christina Stahn</font></div>
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<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Title:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Senior Relationship Manager</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Title:</font></div>
</td>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Senior Credit Analyst</font></div>
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<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Date:</font></div>
</td>
<td align="left" valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">21/12/2012</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Date:</font></div>
</td>
<td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">20/12/2012</font></div>
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<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As vessel has been sold, the Company should be discharged from the Loan Agreement.</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">STAR COSMO LLC ET AL</font></div>
</td>
<td align="right" valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt">Thursday, 20 December 2012</font></div>
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<TYPE>EX-4.14
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 4.14</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><img src="abn-amro_logo.jpg" alt=""><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">To:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Star Big LLC</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Star Mega LLC and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Star Bulk Carriers Corp.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">c/o Star Bulk Management Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">40 Ag. Konstantinou Str</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">151 24 Maroussi</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Athens</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Greece</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">29th January 2013</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Dear Sirs</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">We refer to:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">a loan agreement dated 21 July 2011 (as amended and supplemented by a supplemental agreement dated 16 March 2012 the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Loan Agreement"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>and made between (i) Star Big LLC and Star Mega LLC, as joint and several borrowers (together, the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Borrowers"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">, </font>(ii) the banks and financial institutions listed in Schedule 1 thereto as lenders (together, the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Lenders"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>and (iii) ABN Amro Bank N.V. as agent, arranger, security trustee (in such capacity the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Security Trustee"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>and swap bank in connection with a term loan facility of (originally) US$31,000,000; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">a guarantee dated 21 July 2011 (as amended and supplemented by a supplemental agreement dated 16 March 2012, the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Guarantee"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>executed by Star Bulk Carriers Corp. (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Guarantor"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>in favour of the Security Trustee as security for the Borrowers' obligations under (inter alia) the Loan Agreement.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Terms defined in the Loan Agreement and the Guarantee have their defined meanings when used in this letter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">Following our discussions with the Borrowers and the Corporate Guarantor regarding their request for certain waivers in relation to certain of their financial and other covenants we hereby confirm that the Lenders have approved, and agreed to, the following:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Relevant Percentage (as defined in clause 15.1 of the Loan Agreement) shall not be less than 75 per cent.;</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Market Adjusted Net Worth shall not be less than $30,000,000;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Interest Coverage Ratio shall not be less than 1.5:1;</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Guarantor's minimum liquidity requirement set out in clause 12.3(d) of the Guarantee shall be reduced to $500,000 per Fleet Vessel; and</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Leverage Ratio shall not exceed 110 per cent,</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">with retroactive effect as from 1 October 2012 to 31 December 2014 (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"New Waiver Period"</font>),<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>subject to:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Margin increasing by 0.5 per cent if the Guarantor fails to raise equity in any manner in an amount of not less than $30,000,000 until 31 March 2013;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">non-payment of dividend or making of any other form of distribution during the New Waiver Period;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the other lenders (the <font style="DISPLAY: inline; FONT-WEIGHT: bold">"Group Lenders"</font>)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>of the Guarantor or, as the case may be, any other member of the Group not providing any waivers or being granted with</font></div>
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">ABN AMRO Bank N.V., gevestigd te Amsterdam</font></div>

<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">Handelsregister K.v.K. Amsterdam, nr 34334259</font></div>

<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">BTW nr NL820646660B01</font></div>

<br>
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<hr style="COLOR: black" noshade size="2">
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<div>&#160;</div>

<div><img src="abn-amro_logo.jpg" alt=""></div>

<div><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">covenants/undertakings which, in the opinion of the Agent, would place the Group Lenders in a more favourable position than that applicable to the Creditor Parties pursuant to the Finance Documents;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Group Lenders approving waivers equivalent to those set out above; and</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">(e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">such waivers and the conditions thereof being documented to the satisfaction of the Creditor Parties.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">This letter and any contractual or non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 367.2pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">for and on behalf of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 367.2pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">as Agent</font></div>

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<TYPE>EX-8.1
<SEQUENCE>6
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<td align="left" valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100%</font></font></div>
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<td align="left" valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td align="left" valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100%&#160;</font></td>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>d1355544_ex12-1.htm
<TEXT>
<html>
<head>
    <title>d1355544_ex12-1.htm</title>
    <!--Licensed to: Seward & Kissel LLP-->
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<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 12.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Spyros Capralos, certify that:</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. I have reviewed this annual report on Form 20-F of Star Bulk Carriers Corp.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. The Company's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5. The Company's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: March 19, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;/s/</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> Spyros Capralos</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Spyros Capralos</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Executive Officer (Principal Executive Officer)</font></div>

<br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>8
<FILENAME>d1355544_ex12-2.htm
<TEXT>
<html>
<head>
    <title>d1355544_ex12-2.htm</title>
    <!--Licensed to: Seward & Kissel LLP-->
    <!--Document Created using EDGARizer 2020 5.4.3.1-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="TEXT-INDENT: 0pt; DISPLAY: inline; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; FONT-SIZE: 10pt; MARGIN-RIGHT: 10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 12.2</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Simos Spyrou, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1. I have reviewed this annual report on Form 20-F of Star Bulk Carriers Corp.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. The Company's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) and 15d-15(f) for the Company and have:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5. The Company's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: March 19, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;/s/Simos Spyrou&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Simos Spyrou</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Financial Officer (Principal Financial Officer)</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>9
<FILENAME>d1355544_ex13-1.htm
<TEXT>
<html>
<head>
    <title>d1355544_ex13-1.htm</title>
    <!--Licensed to: Seward & Kissel LLP-->
    <!--Document Created using EDGARizer 2020 5.4.3.1-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="TEXT-INDENT: 0pt; DISPLAY: inline; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; FONT-SIZE: 10pt; MARGIN-RIGHT: 10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 13.1</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO 18 U.S.C. SECTION 1350</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with this Annual Report of Star Bulk Carriers Corp. (the "Company") on Form 20-F for the year ended December 31, 2012 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Spyros Capralos, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: March 19, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;/s/</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> Spyros Capralos</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Spyros Capralos</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Executive Officer (Principal Executive Officer)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>10
<FILENAME>d1355544_ex13-2.htm
<TEXT>
<html>
<head>
    <title>d1355544_ex13-2.htm</title>
    <!--Licensed to: Seward & Kissel LLP-->
    <!--Document Created using EDGARizer 2020 5.4.3.1-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="TEXT-INDENT: 0pt; DISPLAY: inline; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10%; FONT-SIZE: 10pt; MARGIN-RIGHT: 10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 13.2</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRINCIPAL FINANCIAL OFFICER CERTIFICATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO 18 U.S.C. SECTION 1350</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with this Annual Report of Star Bulk Carriers Corp. (the "Company") on Form 20-F for the year ended December 31, 2012 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Simos Spyrou, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration Statement (Form S-8 No. 333-176922) of Star Bulk Carriers Corp.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of our reports dated March 19, 2013, with respect to the consolidated financial statements of Star Bulk Carriers Corp. and the effectiveness of internal control over financial reporting of Star Bulk Carriers Corp. included in this Annual Report (Form 20-F) of Star Bulk Carriers Corp. for the year ended December 31, 2012.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/<font style="DISPLAY: inline; FONT-SIZE: 10pt; BACKGROUND-COLOR: #ffffff">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; BACKGROUND-COLOR: #ffffff">Ernst&#160;&amp; Young (Hellas) Certified Auditors Accountants S.A.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Athens, Greece</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 19, 2013</font></div>

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    <title>d1355544_ex15-2.htm</title>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We consent to the incorporation by reference in Registration Statements No. 333-180674 on Form F-3 and No. 333-176922 on Form S-8, of our report dated March 23, 2012, (March 19, 2013 as to the effects of the reverse stock split described in Notes 1 and 8) relating to the consolidated financial statements of Star Bulk Carriers Corp. and subsidiaries (the "Company"), appearing in the Annual Report on Form 20-F of the Company for the year ended December 31, 2012.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/ Deloitte Hadjipavlou, Sofianos &amp; Cambanis S.A.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Athens, Greece</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 19, 2013</font></div>

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    <period>
      <startDate>2012-01-01</startDate>
      <endDate>2012-12-31</endDate>
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  <context id="subsequent_sale_sigma__StarSigmaMember">
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    <period>
      <instant>2013-03-14</instant>
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  <unit id="Shares">
    <measure>shares</measure>
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  <unit id="USD">
    <measure>iso4217:USD</measure>
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  <unit id="EPS">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
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        <measure>shares</measure>
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  <unit id="purenodecimals">
    <measure>pure</measure>
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  <unit id="EUR">
    <measure>iso4217:EUR</measure>
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  <us-gaap:SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds contextRef="subsequent_sale_sigma__StarSigmaMember" decimals="-3" unitRef="USD">9041000</us-gaap:SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds>
  <us-gaap:StockholdersEquityReverseStockSplit contextRef="d15-10-12to31-12-12">Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company?s 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company?s common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company?s common stock received a cash payment in lieu of such fractional share.</us-gaap:StockholdersEquityReverseStockSplit>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__AbnAmroBankMember__Amendment1Member">On March 16, 2012, the Company entered into a supplemental agreement with ABN AMRO Bank (the Company was committed to this agreement as of January 26, 2012). Under the terms of this agreement for the period from January 26, 2012 until January 31, 2013 the ?Waiver Period?, the minimum security cover ratio was reduced to 100%, the leverage ratio increased to 75% and the margin increased to 3.4% p.a. from 2.9% p.a.</sblk:LoanAmendmentDisclosure>
  <us-gaap:DebtInstrumentCovenantDescription contextRef="fyp0d__AbnAmroBankMember">This senior secured credit facility contains financial covenants and other customary covenants, including requirements to maintain: (i) the leverage ratio shall not be greater than 70%, (ii) a ratio of EBITDA  to interest expense, no less than 3.0:1.0, (iii) minimum liquidity of $10,000 or $750 for each of the Company's vessels, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100,000 and (v) a maintenance reserve account up to $1,500 which can only be used for the payment of the dry-docking of vessel Star Mega. The total amount included in the maintenance reserve account was released in September 2012 in order to cover part of the respective vessel?s dry-docking cost. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Big and Star Mega of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the time charter of Star Mega and 150% thereafter. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of the Company's outstanding common shares.</us-gaap:DebtInstrumentCovenantDescription>
  <us-gaap:DebtInstrumentPaymentTerms contextRef="fyp0d__AbnAmroBankMember">This senior secured credit facility is repayable in 18 consecutive quarterly installments which commenced three months after the initial borrowings, in October 2011. The first 14 installments amount to $1,400 each, the remaining four installments amount to $625 each and a final balloon payment of $8,900 is payable together with the last installment.</us-gaap:DebtInstrumentPaymentTerms>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__CreditAgricoleCorporateAndInvestmentBankMember">On December 14, 2012, the Company agreed to enter into a loan supplemental agreement and agreed, to amended terms with Cr?dit Agricole Corporate and Investment Bank, as described below:
? The ratio of the total indebtedness of the borrower less liquid funds over the market value of all vessels owned to be increased to 0.95:1.0 from 0.7:1.0 until March 31, 2014;
? Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount will be amended to 105% from 120% until the March 31, 2014. Thereafter and until the repayment of the loan the asset cover ratio will return to its initial level;
? Minimum liquidity will be decreased to $7,000 or $500 per fleet vessel, whichever is higher, from $10,000;
? Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014 and as long as the financial covenants included in the original agreement dated January 20, 2011 are not met. During this period, all surplus earnings of the financed vessels under the specific loan agreement, after operating expenses and debt service will be held in lender?s account and not to be distributed to the Company.</sblk:LoanAmendmentDisclosure>
  <us-gaap:DebtInstrumentCovenantDescription contextRef="fyp0d__CreditAgricoleCorporateAndInvestmentBankMember">This loan agreement with Credit Agricole Corporate and Investment Bank contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $500 per fleet vessel, whichever is greater, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.7:1, effective from October 15, 2011, and (iii) an actual pledged amount of $500 per mortgaged vessel and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration such approved charter.</us-gaap:DebtInstrumentCovenantDescription>
  <us-gaap:DebtInstrumentPaymentTerms contextRef="fyp0d__CreditAgricoleCorporateAndInvestmentBankMember">Under the terms of this term loan facility, the repayment is over a seven year period and commenced three months after the delivery of each vessel. The loan is repayable in twenty eight consecutive quarterly installments, per vessel, amounting to $485.4 and $499.7, respectively and a final balloon payment which is payable together with the last installment of $19,558.2 and $20,134 for Star Borealis and Star Polaris, respectively.</us-gaap:DebtInstrumentPaymentTerms>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__HshNordbankAgMember">On December 21, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amended terms with HSH Nordbank AG, as described below:
? To defer of a minimum of approximately $3.5 million during the period from January 1, 2013 until December 31, 2014;
? To prepay in total $6.6 million of which $3.5 million will be applied against the balloon payment of Supramax Tranche and $3.1 million will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013, using pledged cash already held by the bank. This pledged amount will cease being a requirement for this facility following the prepayment;
? The actual pledged amount to be reduced to $200 from $400 for each mortgaged vessel under this credit facility. The released amount of $800 to be used as a partial prepayment of the Supramax Tranche (50% to be applied against the balloon payment of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013).
? The minimum liquidity of $10,000 to be reduced to $7,000 or $500 per fleet vessel until and including December 31, 2014;
? The ratio of indebtedness of the borrowers over the aggregate fair market value of assets to be increased to 90% from 75% until and including December 31, 2014;
? The minimum market adjusted net worth of the Company to be decreased to $30,000 from $100,000 until and including December 31, 2014;
? The asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 100% from September 30, 2012 until and including December 31, 2012 and to 110% from January 1, 2013 until and including December 31, 2013. Thereafter and until the repayment of the loan, the asset cover ratio to return to 125%;
? The margin to be increased to 3.50% for both Suparamax and Capesize Tranches from 3.00% and 2.75% for the Capesize and the Supramax Tranche, respectively, from January 1, 2013 until December 31, 2014 (in the case that an event of default and/or covenant breach, has occurred, the increased margin will apply until the breach is remedied);
? The waiver of the aggregated market value covenant, which required the vessels mortgaged under this loan agreement to maintain a value of 167% of the outstanding borrowings, upon the repayment of the Capesize Tranche, until and including December 31, 2013.
These amendments will apply, subject to several conditions, as described below:
? A semi-annual cash sweep mechanism will be effected from June 30, 2013 and will be implemented on all vessels mortgaged under this loan agreement on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as applied to the balloon payment of the Supramax Tranche.
? In the event of the sale of the vessel Star Sigma during the calendar years 2013 and 2014, proceeds from such sale will be used to fully repay the Capesize Tranche, while the remaining amount will be applied pro-rata against the remaining quarterly repayment installments of the Supramax Tranche until December 31, 2014;
? Star Bulk Carriers Corp. and the ship-owning subsidiaries shall not pay any dividends following the agreement with the Bank until December 31, 2014, or later in case of a covenant breach;
? An equity increase of a minimum of $20.0 million within the year ending December 31, 2013 and starting to apply from October 1, 2013, the proceeds of which are to be used solely for investment on new vessels? acquisition(s);
? Payment of a one-time processing fee of $12.</sblk:LoanAmendmentDisclosure>
  <us-gaap:DebtInstrumentCovenantDescription contextRef="fyp0d__HshNordbankAgMember">This loan agreement contains financial covenants including requirements to maintain (i) the ratio of indebtedness of the borrower over the aggregate fair market value of the assets shall not be greater than 75% until December 31, 2013 and 70% thereafter; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) an actual pledged amount of $2,000 or $400 for each mortgaged vessel under this credit facility, whichever is greater; (v) a minimum liquidity of $10,000; (vi) an actual pledged amount of $6,504 representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date; and (vii) an aggregate market value of the vessels mortgaged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Capesize Tranche and (b) 167% of the then outstanding borrowings thereafter. </us-gaap:DebtInstrumentCovenantDescription>
  <us-gaap:DebtInstrumentPaymentTerms contextRef="fyp0d__HshNordbankAgMember">The borrowing under this new loan agreement together with $5,326 in cash used to repay in full the Company?s indebtedness under its old loan agreements with Piraeus Bank S.A; a term loan of $150,000 dated April 14, 2008 and of a term loan of $35,000 dated July 1, 2008, in 2011. The senior secured term loan facility consisted of two tranches. The first tranche amounted to $48,500 the (?Supramax Tranche?) and is repayable in 20 quartely consecutive installments of $1,250 each, which commenced in January 2012, and a final balloon payment of $23,500. The second tranche amounted to $16,000 the (?Capesize Tranche?) and is repayable in 12 consecutive installments of $1,333 each, which commenced in January 2012.</us-gaap:DebtInstrumentPaymentTerms>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__AbnAmroBankMember__Amendment2Member">On January 29, 2013, the Company entered into a waiver agreement with ABN Amro Bank N.V. Under the terms of this agreement for the period from October 1, 2012 until December 31, 2014 the ?New Waiver Period?, it is agreed to amended terms as described below:
? The minimum market adjusted net worth of the group to be decreased to $30,000 from $100,000;
? The minimum liquidity of $750 per fleet vessel to be reduced to $500 per fleet vessel;
? Ratio of EBITDA to interest expense to be decreased to 1.5:1.0 from 3.0:1.0;
? Total leverage ratio of the corporate guarantor to be increased to 110% from 75%;
? Minimum security cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 75% from 100%.
These amendments will apply, subject to several conditions, as described below:
? Margin increase of 50bp if the Company fails to raise equity in an amount of $30.0 million until March 31, 2013;
? Star Bulk Carriers Corp. shall not pay any dividends during the New Waiver Period.</sblk:LoanAmendmentDisclosure>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__CommerzbankAgAggregateFacilityMember">On December 17, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amend the terms included in both loan agreements of $120,000 and $26,000 with Commerzbank AG (see a and b), as described below:
? To defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, (the ?Deferred Amounts?); the Deferred Amounts will be added to the balloon payments, payable upon the expiration of the loan agreements in the fourth quarter of 2016 or in accordance with a cash sweep mechanism (see discussion below);
? The on-charter covenant for the vessel Star Aurora on the $26,000 loan agreement to be waived until July 31, 2015;
? Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be reduced from 135%, to 80%, from September 30, 2012 up to the year ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014 and to 110% for the six month period ending June 30, 2015. Thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%;
? Minimum liquidity requirement will be reduced to $500 for each of the Company?s vessels from $1,000, until December 31, 2014;
? The actual pledged amount on the $26,000 loan agreement, to be reduced to $750 from $1,000;
? Margin to be increased to 3.00% p.a., for both facilities for as long as deferred amounts are outstanding and/or until original terms are complied with;
? The Company to pay a flat fee of 0.40% of the combined outstanding loan amount of the two facilities to the lender;
? The market value adjusted equity ratio to be reduced to 15% from 25%, from September 30, 2012 up to the year ending December 31, 2014;
? Additional financial covenant requirement to be added, ratio of EBITDA (as will be defined in the definitive documentation) to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.
These amendments will apply, subject to several conditions, as described below:
? A semi-annual cash sweep mechanism to be implemented on all mortgaged vessels on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as repayment of the Deferred Amounts;
? Star Bulk Carriers Corp. shall not pay any dividends following the agreement with the Bank as long as Deferred Amounts are outstanding and/or until original terms are complied with;
? A prepayment of $2.0 million, payable by December 31, 2012, to be applied pro rata against the balloon payments of the two facilities;
? An equity increase of $30.0 million to be effected until and including December 31, 2013;
? Increase the Company?s vessel management services to cover at least 10 third-party vessels by December 31, 2013.</sblk:LoanAmendmentDisclosure>
  <us-gaap:DebtInstrumentCovenantDescription contextRef="fyp0d__CommerzbankAg2Member">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, (iii) an actual pledged amount of $650 for this vessel that will increase to $1,000 when cash pledged due to waiver dated December 24, 2009 shall be released, and (iv) an aggregate market value of the vessel mortgaged as security under this loan agreement not less than 135% of the then outstanding borrowings at all times.</us-gaap:DebtInstrumentCovenantDescription>
  <us-gaap:DebtInstrumentPaymentTerms contextRef="fyp0d__CommerzbankAg2Member">The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, which commenced in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment.</us-gaap:DebtInstrumentPaymentTerms>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__CommerzbankAgMember__Amendment2Member">On December 24, 2009, the Company entered into a second supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011 the security cover shall be at least 111% and 118%, respectively whether at all times thereafter 135%. Furthermore, the bank consented to: i) the sale of Star Alpha, ii) the payment of dividends not exceeding $0.05 per share in each quarter iii) the reduction of minimum liquidity from $1,000 to $650 per fleet vessel, iv) the increase of the pledged deposit by $1,250 from $6,000 to $7,250. The interest spread was also maintained to 2.00% p.a. for the duration of the waiver period. Based on the same agreement after the waiver period on January 31, 2011, the minimum liquidity was increased from $650 to $1,000 per fleet vessel and the pledged deposit of $7,250 was released.</sblk:LoanAmendmentDisclosure>
  <sblk:LoanAmendmentDisclosure contextRef="fyp0d__CommerzbankAgMember__Amendment1Member">On June 10, 2009, the Company entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111%. As further security for this facility, the Company shall provide a first preferred mortgage on the vessel Star Alpha and shall pledge an amount of $6,000 to the lenders. Furthermore, the interest spread was increased to 2.00% p.a. for the duration of the waiver period. Subsequent to the waiver period, if the asset cover percentage is less than 60%, between 60% to 70%, between 70% to 75% and more than 75%, the interest spread should be 0.8%, 0.9%, 1.0% and 1.25% respectively. In addition, during the waiver period, payments of dividend, share repurchases, and investments are subject to the prior written consent of the lenders.</sblk:LoanAmendmentDisclosure>
  <us-gaap:DebtInstrumentCovenantDescription contextRef="fyp0d__CommerzbankAgMember">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, and (iii) an aggregate market value of the vessels mortgaged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</us-gaap:DebtInstrumentCovenantDescription>
  <us-gaap:DebtInstrumentPaymentTerms contextRef="fyp0d__CommerzbankAgMember">Under the terms of this loan facility, the repayment of $120,000 is over a nine year term and divided into two tranches. The first of up to $50,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $2,250 each, (ii) the next thirteen installments amount to $1,000 each (iii) the remaining eleven installments amount to $1,300 each and a final balloon payment of $13,700 is payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $4,000 each (ii) the remaining twenty-four installments amount to $1,750 each and a final balloon payment of $12,000 is payable together with the last installment.</us-gaap:DebtInstrumentPaymentTerms>
  <us-gaap:SharePrice contextRef="i31-8-11__FormerCfoMember" decimals="1" unitRef="EPS">34.5</us-gaap:SharePrice>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="d1-1to28-2-14__ChiefExecutiveOfficerMember" decimals="0" unitRef="Shares">9333</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="d1-1to28-2-13__ChiefExecutiveOfficerMember" decimals="0" unitRef="Shares">9333</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="d1-1to20-4-12__ChiefExecutiveOfficerMember" decimals="0" unitRef="Shares">9333</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>
  <us-gaap:InterestPaidNet contextRef="fyp0d" decimals="-3" unitRef="USD">7612000</us-gaap:InterestPaidNet>
  <us-gaap:InterestPaidNet contextRef="fym1d" decimals="-3" unitRef="USD">3893000</us-gaap:InterestPaidNet>
  <us-gaap:InterestPaidNet contextRef="fym2d" decimals="-3" unitRef="USD">5489000</us-gaap:InterestPaidNet>
  <sblk:CashCollateralForPollution contextRef="fyp0d__StarCosmoMember" decimals="-3" unitRef="EUR">260000</sblk:CashCollateralForPollution>
  <sblk:CashCollateralForPollutionRelease contextRef="d1-3to31-3-12__StarCosmoMember" decimals="-3" unitRef="EUR">340000</sblk:CashCollateralForPollutionRelease>
  <sblk:CashCollateralForPollution contextRef="d1-7to31-7-11__StarCosmoMember" decimals="-3" unitRef="EUR">340000</sblk:CashCollateralForPollution>
  <sblk:CashCollateralForPollution contextRef="fyp0d__StarCosmoMember" decimals="-3" unitRef="USD">343000</sblk:CashCollateralForPollution>
  <sblk:CashCollateralForPollutionRelease contextRef="d1-3to31-3-12__StarCosmoMember" decimals="-3" unitRef="USD">448000</sblk:CashCollateralForPollutionRelease>
  <sblk:CashCollateralForPollution contextRef="d1-7to31-7-11__StarCosmoMember" decimals="-3" unitRef="USD">448000</sblk:CashCollateralForPollution>
  <sblk:AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet contextRef="fyp0d" decimals="-3" unitRef="USD">0</sblk:AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet>
  <sblk:AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet contextRef="fym1d" decimals="-3" unitRef="USD">179000</sblk:AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet>
  <sblk:AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet contextRef="fym2d" decimals="-3" unitRef="USD">1360000</sblk:AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="fyp0d" decimals="-3" unitRef="USD">91000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="fym1d" decimals="-3" unitRef="USD">96388000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="fym2d" decimals="-3" unitRef="USD">87563000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <sblk:FairValueOfAboveMarketAcquiredTimeCharterGross contextRef="fym2i" decimals="-3" unitRef="USD">23065000</sblk:FairValueOfAboveMarketAcquiredTimeCharterGross>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="fym2d" decimals="2" unitRef="EPS">46.05</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="fym2d" decimals="2" unitRef="EPS">41.55</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod contextRef="fym2d" decimals="0" unitRef="Shares">154291</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="fym2d" decimals="0" unitRef="Shares">153707</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="fym3i" decimals="0" unitRef="Shares">3666</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="fym3i" decimals="1" unitRef="EPS">230.1</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>
  <us-gaap:PropertyPlantAndEquipmentDepreciationMethods contextRef="fyp0d__TotalVesselsMember">Straight-line basis</us-gaap:PropertyPlantAndEquipmentDepreciationMethods>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="fyp0d__TotalVesselsMember">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:PaymentsOfDebtRestructuringCosts contextRef="d1-1-13to31-12-14__HshNordbankAgMember" decimals="-3" unitRef="USD">12000</us-gaap:PaymentsOfDebtRestructuringCosts>
  <us-gaap:CommonStockSharesIssued contextRef="fym3i__CommonStockMember" decimals="0" unitRef="Shares">4073650</us-gaap:CommonStockSharesIssued>
  <us-gaap:StockholdersEquity contextRef="fym3i__CommonStockMember" decimals="-3" unitRef="USD">40000</us-gaap:StockholdersEquity>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i3-10-11__HshNordbankCapesizeTrancheMember" decimals="-3" unitRef="USD">16000000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i3-10-11__HshNordbankSupramaxTrancheMember" decimals="-3" unitRef="USD">48500000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i3-10-11__HshNordbankAgMember" decimals="-3" unitRef="USD">64500000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fyp0i__HshNordbankAgMember" decimals="-3" unitRef="USD">48815000</us-gaap:DebtInstrumentCarryingAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fym1i__HshNordbankAgMember" decimals="-3" unitRef="USD">64500000</us-gaap:DebtInstrumentCarryingAmount>
  <sblk:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="i3-10-11__HshNordbankCapesizeTrancheMember">3%</sblk:DebtInstrumentBasisSpreadOnVariableRate1>
  <sblk:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="i3-10-11__HshNordbankSupramaxTrancheMember">2.75%</sblk:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="d4-10-11to31-12-12__HshNordbankCapesizeTrancheMember">LIBOR or cost of funds (whichever is greater)</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="d4-10-11to31-12-12__HshNordbankSupramaxTrancheMember">LIBOR or cost of funds (whichever is greater)</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fyp0i__AbnAmroBankMember" decimals="-3" unitRef="USD">24000000</us-gaap:DebtInstrumentCarryingAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fym1i__AbnAmroBankMember" decimals="-3" unitRef="USD">29600000</us-gaap:DebtInstrumentCarryingAmount>
  <sblk:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="i21-7-11__AbnAmroBankMember">2.9%</sblk:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="d22-7-11to31-12-12__AbnAmroBankMember">LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentCollateral contextRef="d22-7-11to31-12-12__AbnAmroBankMember">Star Big and Star Mega</us-gaap:DebtInstrumentCollateral>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i21-7-11__AbnAmroBankMember" decimals="-3" unitRef="USD">31000000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fyp0i__CreditAgricoleCorporateAndInvestmentBankMember" decimals="-3" unitRef="USD">62849000</us-gaap:DebtInstrumentCarryingAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fym1i__CreditAgricoleCorporateAndInvestmentBankMember" decimals="-3" unitRef="USD">66790000</us-gaap:DebtInstrumentCarryingAmount>
  <sblk:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="i20-1-11__CreditAgricoleCorporateAndInvestmentBankMember">2.7%</sblk:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="d21-1-11to31-12-12__CreditAgricoleCorporateAndInvestmentBankMember">LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentCollateral contextRef="d21-1-11to31-12-12__CreditAgricoleCorporateAndInvestmentBankMember">Star Borealis and Star Polaris</us-gaap:DebtInstrumentCollateral>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i20-1-11__CreditAgricoleCorporateAndInvestmentBankMember" decimals="-3" unitRef="USD">70000000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fyp0i__CommerzbankAgMember" decimals="-3" unitRef="USD">71386000</us-gaap:DebtInstrumentCarryingAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fym1i__CommerzbankAgMember" decimals="-3" unitRef="USD">84000000</us-gaap:DebtInstrumentCarryingAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fyp0i__CommerzbankAg2Member" decimals="-3" unitRef="USD">17064000</us-gaap:DebtInstrumentCarryingAmount>
  <us-gaap:DebtInstrumentCarryingAmount contextRef="fym1i__CommerzbankAg2Member" decimals="-3" unitRef="USD">21250000</us-gaap:DebtInstrumentCarryingAmount>
  <sblk:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="i3-9-10__CommerzbankAg2Member">2.6%</sblk:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="d4-9-10to31-12-12__CommerzbankAg2Member">LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentCollateral contextRef="d4-9-10to31-12-12__CommerzbankAg2Member">Star Aurora</us-gaap:DebtInstrumentCollateral>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i3-9-10__CommerzbankAg2Member" decimals="-3" unitRef="USD">26000000</us-gaap:DebtInstrumentFaceAmount>
  <sblk:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="i27-12-07__CommerzbankAgMember">0.8% to 1.25%</sblk:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="d28-12-07to31-12-12__CommerzbankAgMember">LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentCollateral contextRef="d28-12-07to31-12-12__CommerzbankAgMember">Star Gamma, Star Delta, Star Epsilon, Star Zeta and Star Theta</us-gaap:DebtInstrumentCollateral>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i27-12-07__CommerzbankAgMember" decimals="-3" unitRef="USD">120000000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:WriteOffOfDeferredDebtIssuanceCost contextRef="fym1d__PiraeusBankMember" decimals="-3" unitRef="USD">307000</us-gaap:WriteOffOfDeferredDebtIssuanceCost>
  <us-gaap:GeneralInsuranceExpense contextRef="fyp0d" decimals="-3" unitRef="USD">2655000</us-gaap:GeneralInsuranceExpense>
  <us-gaap:GeneralInsuranceExpense contextRef="fym1d" decimals="-3" unitRef="USD">2399000</us-gaap:GeneralInsuranceExpense>
  <us-gaap:GeneralInsuranceExpense contextRef="fym2d" decimals="-3" unitRef="USD">2195000</us-gaap:GeneralInsuranceExpense>
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="d1-6to31-7-10__StarYpsilonMember" decimals="-3" unitRef="USD">2082000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <sblk:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod contextRef="i30-6-10__EmployeesMember" decimals="0" unitRef="Shares">4624</sblk:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod>
  <sblk:InsuranceCoverageMaximumAmount contextRef="fyp0d" decimals="-3" unitRef="USD">1000000000</sblk:InsuranceCoverageMaximumAmount>
  <sblk:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod contextRef="i31-1-09__BoardOfDirectorsMember" decimals="0" unitRef="Shares">62667</sblk:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="d1-1to20-1-09__BoardOfDirectorsMember" decimals="0" unitRef="Shares">62667</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <sblk:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod contextRef="i31-1-09__EmployeesMember" decimals="0" unitRef="Shares">8667</sblk:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="d1-1to20-1-09__EmployeesMember" decimals="0" unitRef="Shares">8667</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="d1-1to12-5-11__FormerCfo2Member" decimals="0" unitRef="Shares">5533</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="d1-1to12-5-11__FormerCfoMember" decimals="0" unitRef="Shares">16533</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <us-gaap:OperatingLeasesRentExpenseNet contextRef="fyp0d" decimals="-3" unitRef="USD">4050000</us-gaap:OperatingLeasesRentExpenseNet>
  <us-gaap:OperatingLeasesRentExpenseNet contextRef="fym1d" decimals="-3" unitRef="USD">17909000</us-gaap:OperatingLeasesRentExpenseNet>
  <us-gaap:OperatingLeasesRentExpenseNet contextRef="fym2d" decimals="-3" unitRef="USD">11180000</us-gaap:OperatingLeasesRentExpenseNet>
  <us-gaap:OtherIncome contextRef="fym2d__SaleOfFutureCommercialClaimsProceedsMember" decimals="-3" unitRef="USD">5000000</us-gaap:OtherIncome>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="i23-2-09__CommonStockMember" decimals="2" unitRef="EPS">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockSharesAuthorized contextRef="i23-2-09__CommonStockMember" decimals="0" unitRef="Shares">300000000</us-gaap:CommonStockSharesAuthorized>
  <sblk:EquityRaisingUndertaking contextRef="d1-1-13to31-12-13" decimals="-3" unitRef="USD">30000000</sblk:EquityRaisingUndertaking>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate contextRef="fyp0i__HshNordbankSupramaxTrancheBalloonMember" decimals="2" unitRef="purenodecimals">0.03</us-gaap:DebtInstrumentBasisSpreadOnVariableRate>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate contextRef="fyp0i__HshNordbankSupramaxTrancheMember" decimals="4" unitRef="purenodecimals">0.0275</us-gaap:DebtInstrumentBasisSpreadOnVariableRate>
  <us-gaap:StockholdersEquity contextRef="fym2i" decimals="-3" unitRef="USD">488252000</us-gaap:StockholdersEquity>
  <us-gaap:OfficersCompensation contextRef="fyp0d__ChiefOperatingOfficerMember" decimals="-3" unitRef="USD">151000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym1d__ChiefOperatingOfficerMember" decimals="-3" unitRef="USD">81000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym2d__ChiefOperatingOfficerMember" decimals="-3" unitRef="USD">0</us-gaap:OfficersCompensation>
  <sblk:DailyManagementFee contextRef="OocapeAgreementEffectiveDate__Oocape1HoldingsMember" decimals="0" unitRef="USD">750</sblk:DailyManagementFee>
  <sblk:DailyManagementFee contextRef="MaidenAgreementEffectiveDate__MaidenVoyageMember" decimals="0" unitRef="USD">750</sblk:DailyManagementFee>
  <sblk:RentExpensePerMonth contextRef="fyp0d__CombineMarineLtdMember" decimals="0" unitRef="EUR">2500</sblk:RentExpensePerMonth>
  <sblk:RentExpensePerMonth contextRef="fyp0d__CombineMarineLtdMember" decimals="0" unitRef="USD">3300</sblk:RentExpensePerMonth>
  <sblk:RentExpensePerMonth contextRef="CombineMarine2011Lease__CombineMarineIncMember" decimals="0" unitRef="EUR">5000</sblk:RentExpensePerMonth>
  <sblk:RentExpensePerMonth contextRef="CombineMarine2011Lease__CombineMarineIncMember" decimals="0" unitRef="USD">6600</sblk:RentExpensePerMonth>
  <sblk:AnnualConsultingFees contextRef="fyp0d__ChiefOperatingOfficerMember" decimals="-3" unitRef="EUR">117519</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fyp0d__ChiefOperatingOfficerMember" decimals="-3" unitRef="USD">155000</sblk:AnnualConsultingFees>
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation contextRef="d12-5-to31-8-11__FormerCfoMember" decimals="0" unitRef="Shares">21867</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation>
  <us-gaap:PaymentsForPostemploymentBenefits contextRef="d12-5-to31-8-11__FormerCfoMember" decimals="-3" unitRef="USD">463000</us-gaap:PaymentsForPostemploymentBenefits>
  <us-gaap:OfficersCompensation contextRef="fyp0d__ChiefExecutiveOfficerMember" decimals="-3" unitRef="USD">230000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym1d__ChiefExecutiveOfficerMember" decimals="-3" unitRef="USD">225000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym2d__ChiefExecutiveOfficerMember" decimals="-3" unitRef="USD">0</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fyp0d__ChiefFinancialOfficerMember" decimals="-3" unitRef="USD">72000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym1d__ChiefFinancialOfficerMember" decimals="-3" unitRef="USD">52000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym2d__ChiefFinancialOfficerMember" decimals="-3" unitRef="USD">0</us-gaap:OfficersCompensation>
  <sblk:AnnualConsultingFees contextRef="fyp0d__ChiefFinancialOfficerMember" decimals="-3" unitRef="EUR">56000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fyp0d__ChiefFinancialOfficerMember" decimals="-3" unitRef="USD">74000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fyp0d__ChiefExecutiveOfficerMember" decimals="-3" unitRef="EUR">160000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fyp0d__ChiefExecutiveOfficerMember" decimals="-3" unitRef="USD">211000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fym2d__FormerCfoMember" decimals="-3" unitRef="EUR">250000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fym2d__FormerCeoMember" decimals="-3" unitRef="EUR">370000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fym2d__FormerCfoMember" decimals="-3" unitRef="USD">330000</sblk:AnnualConsultingFees>
  <sblk:AnnualConsultingFees contextRef="fym2d__FormerCeoMember" decimals="-3" unitRef="USD">488000</sblk:AnnualConsultingFees>
  <us-gaap:PaymentsForPostemploymentBenefits contextRef="FormerCEO_severance__FormerCeoMember" decimals="-3" unitRef="USD">2347000</us-gaap:PaymentsForPostemploymentBenefits>
  <us-gaap:OfficersCompensation contextRef="fym1d__FormerCeoAndCfoMember" decimals="-3" unitRef="USD">337000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation contextRef="fym2d__FormerCeoAndCfoMember" decimals="-3" unitRef="USD">874000</us-gaap:OfficersCompensation>
  <sblk:AddressCommission contextRef="fyp0d" decimals="-3" unitRef="USD">2018000</sblk:AddressCommission>
  <us-gaap:OtherIncome contextRef="fyp0d__StarGammaAndStarCosmoMember" decimals="-3" unitRef="USD">157000</us-gaap:OtherIncome>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="fym1d__StarGammaAndStarCosmoMember" decimals="-3" unitRef="USD">498000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:AccountsReceivableNetCurrent contextRef="i14-2-11__StarGammaAndStarCosmoMember" decimals="-3" unitRef="USD">6839000</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="fym1d__StarBetaMember" decimals="-3" unitRef="USD">692000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:ProceedsFromLegalSettlements contextRef="d1-2-12to20-2-12__StarBetaMember" decimals="-3" unitRef="USD">1040000</us-gaap:ProceedsFromLegalSettlements>
  <us-gaap:AccountsReceivableNetCurrent contextRef="fym2i__StarBetaMember" decimals="-3" unitRef="USD">1732000</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:OtherIncome contextRef="fyp0d__StarEpsilonAndStarKappaMember" decimals="-3" unitRef="USD">2014000</us-gaap:OtherIncome>
  <us-gaap:ProceedsFromLegalSettlements contextRef="d1-10to5-10-12__StarEpsilonAndStarKappaMember" decimals="-3" unitRef="USD">5000000</us-gaap:ProceedsFromLegalSettlements>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="fym1d__StarEpsilonAndStarKappaMember" decimals="-3" unitRef="USD">1949000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:OtherIncome contextRef="fym2d__StarYpsilonMember" decimals="-3" unitRef="USD">21648000</us-gaap:OtherIncome>
  <us-gaap:ProceedsFromLegalSettlements contextRef="d1-10to31-10-10__StarYpsilonMember" decimals="-3" unitRef="USD">22222000</us-gaap:ProceedsFromLegalSettlements>
  <us-gaap:AccountsReceivableNetCurrent contextRef="fym2i__StarYpsilonMember" decimals="-3" unitRef="USD">2606000</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="fym2d__StarAlphaMember" decimals="-3" unitRef="USD">2096000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:OtherIncome contextRef="fym1d__StarBetaMember" decimals="-3" unitRef="USD">9000000</us-gaap:OtherIncome>
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="fyp0i" decimals="4" unitRef="purenodecimals">0.0292</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="fym1i" decimals="4" unitRef="purenodecimals">0.0325</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="fym2i" decimals="4" unitRef="purenodecimals">0.0273</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <sblk:OtherFinancingFees contextRef="fyp0d" decimals="-3" unitRef="USD">169000</sblk:OtherFinancingFees>
  <sblk:OtherFinancingFees contextRef="fym1d" decimals="-3" unitRef="USD">200000</sblk:OtherFinancingFees>
  <sblk:OtherFinancingFees contextRef="fym2d" decimals="-3" unitRef="USD">270000</sblk:OtherFinancingFees>
  <us-gaap:InterestExpenseLongTermDebt contextRef="fyp0d" decimals="-3" unitRef="USD">7167000</us-gaap:InterestExpenseLongTermDebt>
  <us-gaap:InterestExpenseLongTermDebt contextRef="fym1d" decimals="-3" unitRef="USD">4698000</us-gaap:InterestExpenseLongTermDebt>
  <us-gaap:InterestExpenseLongTermDebt contextRef="fym2d" decimals="-3" unitRef="USD">5317000</us-gaap:InterestExpenseLongTermDebt>
  <sblk:DebtInstrumentBasisSpreadOnVariableRateUnderAmendment contextRef="d18-12-12to31-12-12__CommerzbankAgAggregateFacilityMember" decimals="2" unitRef="purenodecimals">0.03</sblk:DebtInstrumentBasisSpreadOnVariableRateUnderAmendment>
  <sblk:PrepaymentOnLoan contextRef="d22-12to31-12-12__HshNordbankSupramaxTrancheInstallmentsMember" decimals="-3" unitRef="USD">3100000</sblk:PrepaymentOnLoan>
  <sblk:PrepaymentOnLoan contextRef="d22-12to31-12-12__HshNordbankSupramaxTrancheBalloonMember" decimals="-3" unitRef="USD">3500000</sblk:PrepaymentOnLoan>
  <sblk:DebtInstrumentBasisSpreadOnVariableRateUnderAmendment contextRef="d1-1-13to31-12-14__HshNordbankCapesizeTrancheMember" decimals="3" unitRef="purenodecimals">0.035</sblk:DebtInstrumentBasisSpreadOnVariableRateUnderAmendment>
  <sblk:DebtInstrumentBasisSpreadOnVariableRateUnderAmendment contextRef="d1-1-13to31-12-14__HshNordbankSupramaxTrancheMember" decimals="3" unitRef="purenodecimals">0.035</sblk:DebtInstrumentBasisSpreadOnVariableRateUnderAmendment>
  <sblk:PrepaymentOnLoan contextRef="d22-12to31-12-12__HshNordbankAgMember" decimals="-3" unitRef="USD">6600000</sblk:PrepaymentOnLoan>
  <sblk:LoanInstallmentDeferred contextRef="d1-1-13to31-12-14__HshNordbankAgMember">minimum of aproximately $3.5 millions</sblk:LoanInstallmentDeferred>
  <sblk:DebtRestructuringCostPercentage contextRef="d18-12-12to31-12-14__CommerzbankAgAggregateFacilityMember" decimals="4" unitRef="purenodecimals">0.004</sblk:DebtRestructuringCostPercentage>
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<us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="fyp0d">&lt;p style="line-height: 115%; margin: 0in 0in 10pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Basis of Presentation and General Information:&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The accompanying consolidated financial statements as of and for the years ended December 31, 2010, 2011 and 2012 include the accounts of Star Bulk Carriers Corp. (Star Bulk) and its wholly owned subsidiaries (collectively, the &amp;#8220;Company&amp;#8221; or &amp;#8220;we&amp;#8221;).&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Star Bulk was incorporated on December 13, 2006 under the laws of the Marshall Islands. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels and is the sole owner of all of the outstanding shares of Star Bulk Management Inc., Star Bulk S.A, Star Bulk Manning LLC and the ship-owning subsidiaries as set forth below.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Since December 3, 2007, Star Bulk shares are trading on the NASDAQ Global Select Market under the ticker symbol SBLK.&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;Effective October 15, 2012, the Company effected a 15-for-1 reverse stock split on its issued and outstanding common stock (Note 8). All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Below is the list of the Company's wholly owned subsidiaries as of December 31, 2012:&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.65pt; width: 757px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 45.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Wholly Owned Subsidiaries&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel Name&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;DWT&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Date&lt;br  /&gt;Delivered to Star Bulk&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Year Built&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Bulk Management Inc.&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Starbulk S.A.&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Bulk Manning LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#8212;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessels in operation at December 31, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Aurora LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Aurora&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;171.199&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;September 8, 2010&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2000&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Big LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Big&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;168.404&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;July 25, 2011&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;1996&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Borealis LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Borealis&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;179.678&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;September 9, 2011&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2011&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Mega LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Mega&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;170.631&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;August 16, 2011&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;1994&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Polaris LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Polaris&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;179.546&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;November 14, 2011&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2011&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Lamda LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Sigma&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;184.403&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;April 15, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;1991&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Cosmo LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Cosmo&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;52.247&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;July 1, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2005&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Delta LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Delta (ex F Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;52.434&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;January 2, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2000&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Epsilon LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Epsilon (ex G Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;52.402&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;December 3, 2007&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2001&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 15;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Gamma LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Gamma (ex C Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;53.098&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;January 4, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2002&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 16;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Kappa LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Kappa (ex E Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;52.055&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;December 14, 2007&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2001&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 17;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Omicron LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Omicron&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;53.489&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;April 17, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2005&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 18;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Theta LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Theta (ex J Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;52.425&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;December 6, 2007&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2003&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 19;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Zeta LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Zeta (ex I Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;52.994&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;January 2, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;2003&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 20;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 21;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessels disposed*&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 22;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Alpha LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Alpha (ex A Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;175.075&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;January 9,2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;1992&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 23;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Beta LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Beta (ex B Duckling)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;174.691&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;December 28, 2007&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;1993&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 24; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star&amp;#160; Ypsilon LLC&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Ypsilon&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;150.940&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;September 18, 2008&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;1991&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 0in 0in 0pt 14.2pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 0in 0in 0pt 14.2pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;*&amp;#160;&amp;#160;&amp;#160; For vessels disposed refer to Note 5.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Charterers individually accounting for more than 10% of the Company's voyage revenues during the years ended December 31, 2010, 2011 and 2012 are as follows:&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 323px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;A&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;21%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;B&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;17%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;C&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;D&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;10%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;E&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14%&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;F&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;19%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;15%&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;G&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;15%&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28%&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;H&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;10%&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="fyp0d">&lt;p style="margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Significant Accounting policies:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -21.25pt; margin: 0.1in 0in 0pt 57.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Principles of consolidation:&lt;/i&gt;&lt;/b&gt; The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 58.3pt; mso-add-space: auto;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification ("ASC) 810 "Consolidation", (formely Accounting Research Bulletin ("ARB") No.51) a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, and the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 58.3pt;" class="msolistparagraph"&gt;&lt;font style="font-family:times new roman,times"&gt;&lt;font style="font-family: times new roman,times;"&gt;Variable interest entities ("VIE") are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2011 and 2012, no such interestexisted.&lt;/font&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 10pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Use of estimates: &lt;/i&gt;&lt;/b&gt;The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b&gt;&lt;i&gt;c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Comprehensive income/ (loss): &lt;/i&gt;&lt;/b&gt;&amp;#160;In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 &amp;#8220;Comprehensive Income&amp;#8221;, and presents items of net income, items of other comprehensive income (&amp;#8220;OCI&amp;#8221;) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. The Company has no such transactions which affect comprehensive loss and, accordingly, comprehensive loss equals net loss for all periods presented.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: 500.1pt;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Concentration of credit risk: &lt;/i&gt;&lt;/b&gt;Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade accounts receivable and derivative contracts (bunker derivatives and freight derivatives). The Company's policy is to place cash, cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy and are exposed to minimal interest rates and credit risks. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, a) in over-the-counter transactions, the Company limits its exposure by diversifying among counter parties with high credit ratings, and b) all of the Company's freight derivatives are cleared through London Clearing House (LCH).&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Foreign currency transactions:&lt;/i&gt;&lt;/b&gt; The functional currency of the Company is the U.S. Dollar since the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions.&amp;#160;On the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;f)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Cash and cash equivalents:&lt;/i&gt;&lt;/b&gt; The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;g)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Restricted cash:&lt;/i&gt;&lt;/b&gt; With restricted cash, it is required that minimum cash deposits or cash collateral deposits are maintained with certain banks under the Company's borrowing arrangements. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;h)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Trade accounts receivable, net: &lt;/i&gt;&lt;/b&gt;The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family:times new roman,times"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Inventories:&lt;/i&gt;&lt;/b&gt; Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. Cost is determined by the first in, first out method.&lt;/font&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b&gt;&lt;i&gt;j)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Vessels, net: &lt;/i&gt;&lt;/b&gt;Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Subsequent expenditure when it does not extend the useful life of the vessel is charged to expense as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 58.5pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value (vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).&amp;#160; Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;k)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Advances for vessels under construction:&lt;/i&gt;&lt;/b&gt; Advances made to shipyards during construction periods are classified as "Advances for vessels under construction" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels and other fixed assets, net". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 57.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;l)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Fair value of above/below market acquired time charter:&lt;/i&gt;&lt;/b&gt;&lt;b&gt; &lt;/b&gt;&amp;#160;The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered. &amp;#160;Such intangible assets or liabilities are&amp;#160;recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;m)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Impairment of long-lived assets:&lt;/i&gt;&lt;/b&gt; The Company follows guidance related to Impairment or Disposal of Long-lived Assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 57.25pt;" class="msolistparagraph"&gt;&lt;font style="font-family:times new roman,times"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;"&gt;On December 31, 2011 and September 30, 2012, the Company performed impairment tests of the Company's vessels due to the global economic downturn and the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for the Company's vessels to determine if the assets were impaired. In developing its estimates of future undiscounted cash flows, the Company makes assumptions and estimates about vessels' future performance, with the significant assumptions relating to charter rates, ship operating expenses, vessels' residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, and use historical trends as future expectations. The projected net operating cash flows were determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage commission expected outflows for scheduled vessels' maintenance (dry-docking and special surveys) and vessels' operating expenses. Estimates of revenue are based on the current FFA rates for as long as they are available, and historical average rates of similar size vessels for the period thereafter. As a result of this analysis, we determined that the carrying amount of Star Sigma and Star Ypsilon was not recoverable as of December 31, 2011, and an impairment loss of $62.0 million was recognized. This analysis, for each of our vessels as of September 30, 2012, indicated that the carrying amount of the entire supramax fleet and Star Sigma was not recoverable and after comparing the vessel's fair values to their carrying values, an impairment loss amounting to $303.2 million was recognized (see Note 5 and 18).&lt;/font&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;n)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Vessels held for sale: &lt;/i&gt;&lt;/b&gt;It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies a vessel as being held for sale when all of the following criteria are met: management has committed to a plan to sell this vessel; the vessel is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.75in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under "Vessel impairment loss" in accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 57.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;o)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Financing costs:&lt;/i&gt;&lt;/b&gt; Fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or for refinancing existing loans, are recorded as deferred charges. Deferred charges are expensed as interest and finance costs using the effective interest rate method over the duration of the respective loan facility. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding &lt;i&gt;Debt Extinguishment&lt;/i&gt;. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to &lt;i&gt;Changes in Line-of-Credit or Revolving-Debt Arrangements.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;p)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Pension and retirement benefit obligations&amp;#8212;crew:&lt;/i&gt;&lt;/b&gt;&lt;b&gt; &lt;/b&gt;The ship-owning subsidiaries included in the consolidated financial statements employ the crew on board under short-term contracts (usually up to eight months) and, accordingly, are not liable for any pension or post-retirement benefits.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;q)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Pension and retirement benefit obligations&amp;#8212;administrative personnel: &lt;/i&gt;&lt;/b&gt;Administrative employees are covered by state-sponsored pension funds. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund.&amp;#160; The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations. Upon retirement, the state-sponsored pension funds are responsible for paying the employees' retirement benefits without recourse to the Company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;r)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Stock incentive plan awards:&amp;#160; &lt;/i&gt;&lt;/b&gt;Share-based compensation represents vested and non-vested shares granted to employees and to directors for their services, and is included in "General and administrative expenses" in the consolidated statements of operations. These shares are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. Guidance related to Stock Compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the ''accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the ''straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.&amp;#160; The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 10pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;s)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Dry-docking and special survey expenses:&amp;#160; &lt;/i&gt;&lt;/b&gt;Dry-docking and special survey expenses are expensed when incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;t)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Accounting for revenue and related expenses:&lt;/i&gt;&lt;/b&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt; &lt;/i&gt;&lt;/b&gt;The Company generates its revenues from charterers for the charterhire of its vessels under two types of charters; under time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, and under voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. Under time charters, voyage costs, such as fuel and port charges, are borne and paid by the charterer. The Company's time charters agreements are classified as operating leases. Revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee, and a collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to Leases.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. &amp;#160;Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured. Deferred revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining (if any) as long term liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Furthermore, payments in advance for services are recorded as prepaid expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage. In addition, voyage expenses include expenses related to the charter-in of vessels owned by third parties, whenever this is required. Such expenses are recognized on a pro-rata basis over the duration of the voyage.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;Brokerage commissions are paid by the Company. Brokerage commissions are recognized over the related charter period and included in voyage expenses. Voyage expenses and vessel operating expenses are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;u)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Fair value measurements:&lt;/i&gt;&lt;/b&gt; The Company follows the provisions ASC 820, &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221; which defines, and provides guidance as to the measurement of, fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&amp;#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18).&lt;/font&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;v)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Earnings/ (loss) per common share&lt;/i&gt;&lt;/b&gt;&lt;b&gt;:&lt;/b&gt; Earnings or loss per share are computed in accordance with guidance related to Earnings per Share. Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution assuming common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and, assuming the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost thereof, were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 11).&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;w)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Segment reporting:&lt;/i&gt;&lt;/b&gt; The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Operating Officer who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;x)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;Recent accounting pronouncements:&lt;/i&gt;&lt;/b&gt; There are no recent accounting pronouncements the adoption of which would have a material effect on the Company&amp;#8217;s consolidated financial statements in the current period.&lt;/font&gt;&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="fyp0d">&lt;p style="margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;3.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Transactions with Related Parties:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 6pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Transactions and balances with related parties are analyzed as follows:&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 6pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 741px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance Sheet&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;OOCAPE1 Holdings LLC (g)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;147&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Assets&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;147&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Interchart Shipping Inc. (a)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;260&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;100&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Management and Directors Fees (b)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;141&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;121&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Combine Marine Inc. (c)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;27&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Oceanbulk Maritime S.A. (e)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;8&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Maiden Voyage LLC (f)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;41&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;436&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;262&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 15;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Statements of Operations&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="353" colspan="7"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 16;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 17;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Commission on sale of vessel-Oceanbulk (e)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;660&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;91&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 18;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Voyage expenses-Interchart (a)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.540&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.237&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.134&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 19;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Executive directors consultancy fees (b)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;874&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.505&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;453&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 20;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Non-executive directors compensation (b)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;206&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;151&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;124&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 21;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Office rent &amp;#8211; Combine Marine Inc (c)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;48&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 22;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Office rent - Combine Marine Ltd. (d)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;40&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 23;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Office setup expenses - Oceanbulk (e)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;148&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 24;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Management fee income - Maiden Voyage LLC (f)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;128&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 25; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Management fee income - OOCAPE1 Holdings LLC (g)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;76&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 6pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.55pt; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Interchart Shipping Inc. or Interchart: &lt;/b&gt;Interchart, a company that was affiliated to Oceanbulk Maritime S.A. (see (e) below), acts as a chartering broker of all the Company's vessels. As of December 31, 2011 and 2012, the Company had an outstanding liability of $260 and $100, respectively, to Interchart. During the years ended December 31, 2010, 2011 and 2012, the brokerage commission on charter revenue charged by Interchart amounted to $1,540, $1,237 and $1,134, respectively and is included in "Voyage expenses" in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Management and Directors Fees: &lt;/b&gt;On October 3, 2007, Star Bulk entered into separate consulting agreements with companies owned and controlled by the Company's former Chief Executive Officer and the former Chief Financial Officer, for the services provided by the former Chief Executive Officer and the former Chief Financial Officer, respectively. Each of these agreements had a term of three years unless terminated earlier in accordance with the terms of such agreements. During 2010 these agreements were automatically renewed for the successive year. Under the consulting agreements, each company controlled by the former Chief Executive Officer and the former Chief Financial Officer received an annual consulting fee of &amp;#8364;370,000 (approx. $488) and &amp;#8364;250,000 (approx. $330) respectively. During the year ended December 31, 2010, the consultancy fees under the specific consulting agreements amounted to $874. For the year ended December 31, 2011 the consulting fees amounting to $337 represent the respective expense up to the date of the termination of the consulting agreements as disclosed below.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On February 7, 2011, Mr. Spyros Capralos was appointed as the Company's President and Chief Executive Officer, to succeed Mr. Akis Tsirigakis who resigned from those positions on that date, and&amp;#160;resigned from the Company's board of directors on March 31, 2012. Pursuant to the terms of his employment and consultancy agreements, the former Chief Executive Officer was awarded a severance payment that amounted to $2,347.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Executive Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Executive Officer a base fee at an annual rate of not less &amp;#8364;160,000 (approx. $211), additionally, the Chief Executive Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion and a minimum guaranteed incentive award of 28,000 shares of stock. These shares vest in three equal installments, the first installment of 9,333 shares vested on February 7, 2012, the second installment of 9,333 shares vests on February 7, 2013 and the last installment of 9,333 shares vests on February 7, 2014.&amp;#160;On April 20, 2012 the Company issued the first installment of 9,333 shares and plans to issue the remaining two installments of 9,333 shares to Mr. Spyros Capralos in April 2013 and February 2014. During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the Company&amp;#8217;s Chief Executive Officer amounted to $0, $225 and $230, respectively.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Financial Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Financial Officer a base fee at an annual rate of not less &amp;#8364;56,000 (approx. $74). During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the new Chief Financial Officer amounted to $0, $52 and $72, respectively.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Additionally, the current Chief Financial Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On May 12, 2011, the Company entered into a release agreement with a company owned by the former Chief Financial Officer. Pursuant to the terms of this agreement, Mr. Syllantavos resigned as the Company's Chief Financial Officer and from the Company's board of directors on August 31, 2011 and received a severance payment amounted to $463.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Additionally, pursuant to the agreement, the Companyissued an aggregate of 21,867 common shares to the former Chief Financial Officer. The respective stock based compensation was fully amortized at the date of his resignation on August 31, 2011. The fair value of each share was $34.5 which is equal to the market value of the Company's common stock on the grant date (Note 12).&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under this agreement the Company will pay the new Chief Operating Officer a base fee at an annual rate of not less &amp;#8364;117,519 (approx. $155). During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the new Chief Operating Officer amounted to $0, $81 and $151, respectively.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The related expenses for the Company's executive officers for the years ended December 31, 2010, 2011 and 2012 were $874, $3,505 and $453, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;As of December 31, 2011 and 2012, Star Bulk had an outstanding payable balance of $141 and $121, respectively with its Management and Directors, representing unpaid fees for their participation in the Board of Directors of the Company and the other special committees of the board of directors. The related expenses for the years ended December 31, 2010, 2011 and 2012 were $206, $151 and $124, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -24.65pt; margin: 6pt 0in 0pt 42.5pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Combine Marine Inc. or ("Combine"): &lt;/b&gt;On July 4, 2011, Starbulk S.A., entered into a 12-year lease agreement for office space with Combine, a company that was controlled by one of the Company&amp;#8217;s directors, Mrs. Milena &amp;#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company&amp;#8217;s Chairman Mr. Petros Pappas. The lease agreement provided for a monthly rent payment of &amp;#8364;5,000 (approx. $6.6). On January 1, 2012 this agreement was mutually terminated without the Company paying any compensation. The related expense for the rent for the year ended December 31, 2011 was $48 and is included under &amp;#8220;General and administrative expenses&amp;#8221; in the accompanying consolidated statements of operations. As of December 31, 2011, the Company had an outstanding liability of $27 to Combine.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Combine Marine Ltd., or Combine Ltd.: &lt;/b&gt;On January 1, 2012 Starbulk S.A, entered into a one year lease agreement for office space with Combine Ltd., a company controlled by one of the Company&amp;#8217;s directors, Mrs. Milena &amp;#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company&amp;#8217;s Chairman Mr. Petros Pappas. The lease agreement provides for a monthly rental of &amp;#8364;2,500 (approximately $3.3).On January 1, 2013, the agreement was silently renewed and unless terminated by either partry, it will expire in eleven years.&amp;#160;The related expense for the rent for the year ended December 31, 2012 was $40 and is included under &amp;#8220;General and administrative expenses&amp;#8221; in the accompanying consolidated statements ofoperations. As of December 31, 2012, the Company had no outstanding payable balance with Combine Marine Ltd.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.5pt; mso-add-space: auto;" class="msolistparagraphcxspmiddle"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Oceanbulk Maritime, S.A., or Oceanbulk:&lt;/b&gt; Oceanbulk Maritime S.A, is a ship management company and is controlled by one of the Company&amp;#8217;s directors Mrs. Milena-Maria Pappas.The Company paid to Oceanbulk a brokerage commission amounting to $660 regarding the sale of vessel Star Beta during the year ended December 31, 2010 (Note 5).&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;As of December 31, 2011, the Company had an outstanding liability to Oceanbulk Maritime S.A. of $8 incidental to office set up expenses for new offices that Oceanbulk Maritime S.A. paid on behalf of the Company. The related expenses amounting to $148 for the year ended December 31, 2011 are included under "General and administrative expenses" in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;During the year ended December 31, 2012 the Company paid to Oceanbulk a brokerage commission amounting to $91 regarding the sale of vessel Star Ypsilon (Note 5). As of December 31, 2012 the Company had no outstanding liability with Oceanbulk.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(f)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Maiden Voyage LLC: &lt;/b&gt;Maiden Voyage LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of the Company&amp;#8217;s directors, Mrs. Milena &amp;#8211; Maria Pappas. On September 27, 2012, Star Bulk S.A. entered into an agreement with Maiden Voyage LLC, a Marshall Islands company, for the commercial and technical management of the vessel Maiden Voyage, a 2012 built Supramax dry bulk carrier. Pursuant to the terms of this management agreement, Star Bulk S.A. receives a fixed management fee of $0.75 per day beginning on September 28, 2012 and until the agreement&amp;#8217;s termination by either party giving to the other notice in writing. In this event the agreement shall terminate upon the expiration of a period of two months from the date of notice was given. This vessel is managed under the same strategy as the other vessels in the Company&amp;#8217;s fleet. The related income for the year ended December 31, 2012, including reimbursement of predelivey expenses incurred by the Company, was $128 and is included under &amp;#8220;Management fee income&amp;#8221; in the accompanyingconsolidated statements of operations. As of December 31, 2012 the Company had an outstanding payable balance of $41 with Maiden Voyage LLC.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msolistparagraph"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;(g)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;OOCAPE1 Holdings LLC:&lt;/b&gt; OOCAPE1 Holdings LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of the Company&amp;#8217;s directors Mrs. Milena &amp;#8211; Maria Pappas. On October 18, 2012, Star Bulk S.A. entered into an agreement with OOCAPE1 Holdings LLC, a Marshall Islands company, for the commercial and technical management of the vessel Obelix, a 2011 built Capesize dry bulk carrier. Pursuant to the terms of this management agreement, Star Bulk S.A receives a fixed management fee of $0.75 per day beginning on October 19, 2012 and until the agreement&amp;#8217;s termination by either party giving to the other notice in writing. In this event the agreement shall terminate upon the expiration of a period of two months from the date of notice was given. This vessel is managed under the same strategy as the other vessels in the Company&amp;#8217;s fleet. The related income for the year ended December 31, 2012, including reimbursement of predelivey expenses incurred by the Company, was $76 and is included under &amp;#8220;Management fee income&amp;#8221; in the accompanying consolidated statements of operations. As of December 31, 2012 the Company had an outstanding receivable balance of $147 with OOCAPE1 Holdings LLC.&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:InventoryDisclosureTextBlock contextRef="fyp0d">&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;4.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Inventories:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 412px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Lubricants&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.200&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.985&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Bunkers&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.667&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.628&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.867&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.613&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&lt;/p&gt;</us-gaap:InventoryDisclosureTextBlock>
<sblk:FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock contextRef="fyp0d">&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;6.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Fair value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination:&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The fair value of the time charters acquired at below/above fair market charter rates on the acquisition of the vessels is summarized below. These amounts are amortized on a straight-line basis to the end of each charter period.&lt;/p&gt;
&lt;div style="line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/div&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 883px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 75.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="15"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair value of acquired time charter&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Accumulated amortization as of December 31, 2009&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2009&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amortization 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amortization 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amortization 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair Value of below market acquired time charter&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Epsilon&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.375&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.375&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Theta&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.397&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.397&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Alpha&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;46.966&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;46.966&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Delta&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13.815&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13.815&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Cosmo&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.856&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.044&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.812&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.360&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;452&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;452&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;91.409&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;89.597&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;1.812&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;1.360&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;452&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;452&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="77" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair value of above market acquired time charter&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Kappa&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.980&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.980&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Ypsilon&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.417&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.417&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Big&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13.733&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.180&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.553&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.224&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;9.329&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Mega&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;9.332&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.186&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;8.146&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.145&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.001&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;39.462&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;16.397&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2.366&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;20.699&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;6.369&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;14.330&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;During 2011, the Company acquired two second-hand Capesize vessels, Star Big and Star Mega (Note 5), with existing time charter contracts. Upon their delivery the Company evaluated the attached charter contracts by comparing the charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels were delivered and recognized an asset of $23,065, $13,733 related to Star Big and $9,332 related to Star Mega. This amount is amortized on a straight-line basis to revenues through the end of the charter period. For the years ended December 31, 2010, 2011 and 2012 the amortization of fair value of above- market acquired time charters amounted to $0, $2,366 and $6,369, respectively, and is included under "Voyage revenues" in the accompanying consolidated statements of operations. For the years ended December 31, 2010, 2011 and 2012 the amortization of fair value of below-market acquired time charters amounted to $1,360, $452 and $0 , respectively, and is included under "Voyage revenues" in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The estimated aggregate amortization expense of the above market acquired time charters until the end of their useful lives is analyzed as follows:&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 12pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 267px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Years&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2013&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;6.352&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2014&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.080&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2015&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.898&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;14.330&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The carrying amount of the above market acquired time charters amounting to $14,330 as of December 31, 2012 will be amortized over a weighted-average period of 2.4 years.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i&gt;Gain/loss on time charter agreement termination&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i&gt;For the year ended December 31, 2011&lt;/i&gt;&lt;/b&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 4.8pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; mso-para-margin-top: .4gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: .3in;" class="msonormal"&gt;The vessel Star Cosmo was on time charter at a gross daily charter rate of $35.615 per day for the period from February 10, 2009 until May 1, 2011, and was redelivered earlier to the Company on February 17, 2011. The Company has recognized a gain on time charter agreement termination amounting to $273, which related to the write-off of the unamortized fair value of below market acquired time charter on vessel redelivery date. In addition, the Company recognized a gain amounting to $324 which represented the deferred revenue from the terminated time charter contract.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The vessel Star Omicron was on time charter at a gross daily charter rate of $43.0 per day for the period from April 22, 2008 until February 22, 2011, and was redelivered earlier to the Company on January 17, 2011. The Company recognized a gain amounting to $1,210 which represented the cash consideration received from its charterers relating to the early termination of this charter party.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The vessel Star Sigma was on time charter at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. The Company has recognized a gain amounting to $203 which represented the deferred revenue from the terminated time charter contract.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i&gt;For the year ended December 31, 2012&lt;/i&gt;&lt;/b&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The vessel Star Sigma was time chartered to Pacific Bulk Shipping Ltd. at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. On January 4, 2012, the Company signed an agreement with the charterer in order to receive an amount of $5,734 in cash, as compensation for the early redelivery of the respective vessel. The total amount was received in January 2012. In addition to the cash payment, Pacific Bulk supplied the Company with 1,027 metric tons of fuel, valued at $720. &lt;a name="_dv_m86"&gt;&lt;/a&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;All amounts presented above are included under "Gain on time charter agreement termination" in the accompanying consolidated statements of operations for years ended December 31, 2011 and 2012.&lt;/p&gt;</sblk:FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="fyp0d">&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;5.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Vessels and Other Fixed Assets, Net:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The amounts in the accompanying consolidated balance sheets are analyzed as follows:&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 579px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Vessels&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;876.778&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;772.981&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Other fixed assets&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;587&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;679&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Impairment charge&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(62.020)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(303.219)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total cost&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;815.345&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;470.441&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Accumulated depreciation&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(176.813)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(179.234)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessels and other fixed assets, net&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;638.532&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;291.207&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;strong&gt;&lt;i&gt;Vessel acquired / disposed during the year ended December 31, 2010&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On January 18, 2010, the Company entered into a Memorandum of Agreement for the sale of Star Beta to a third party for a contracted sale&amp;#8217;s price of $22,000. At that date Star Beta was classified as asset held for sale and was recorded at the lower of its carrying amount or fair value less cost to sell. The resulting impairment loss of $34,947 for the year ended December 31, 2010, is included under "Vessel impairment loss" in the accompanying consolidated statements of operations. The vessel was delivered to its new owners on July 7, 2010.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;strong&gt;&lt;i&gt;Vessels acquired / disposed during the year ended December 31, 2011&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On May 12, 2011, the Company entered into an agreement with Donatus Marine Inc, or Donatus Marine, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas, to acquire a 1996-built Capesize vessel, Star Big, ex- Big Fish along with its long-term time charter, for an aggregate purchase price of $27,800. Star Big is under a long-term time charter with a multinational mining company at a rate of $25.0 per day until November 2015. The vessel was delivered to the Company on July 25, 2011, on the same day the vessel underwent its scheduled dry-docking. The Company capitalized the related dry docking expense, which amounted to $1,780 plus an amount of $41, as other capitalized expenses, related to the acquisition of the vessel.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On the same date, the Company also entered into an agreement with Barrington Corporation, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas, to acquire a 1994-built Capesize vessel, Star Mega, ex- Megalodon along with its long-term time charter, for an aggregate purchase price of $23,700. Star Mega is under a long-term time charter with a multinational mining company at a rate of $24.5 per day until August 2014. The vessel was delivered to the Company on August 16, 2011. The Company capitalized an amount of $160 as other capitalized expenses, related to the acquisition of the vessel.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On March 24 and April 6, 2010, the Company signed two contracts with the shipbuilder Hanjin HHIC-Phil Inc. to build two Capesize vessels at a price of $106,880 in aggregate. On September 9, 2011 and November 14, 2011 the Company took delivery from the shipyard of vessels, Star Borealis and Star Polaris, respectively.For the year ended December 31, 2011, capitalized interest in connection to the respective vessels amounted to $1,901.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;No vessel disposals took place during the year ended December, 31, 2011.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;strong&gt;&lt;i&gt;Vessel acquired / disposed during the year ended December 31, 2012&lt;/i&gt;&lt;/strong&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On February 22, 2012, the Company entered into an agreement with a third party in order to sell vessel Star Ypsilon together with a quantity of 667 metric tons of fuel oil, for a contracted price of $9,126 less address commission of 3% and brokerage commission of 2%. The vessel was delivered to its purchasers on March 9, 2012. The net carrying amount of Star Ypsilon as of the date of its delivery was $11,152 and the resulting loss of $3,190 is included under &amp;#8220;Loss on sale of vessel&amp;#8221; in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;No vessel acquisitions took placeduring the year ended December, 31, 2012.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;As of December 31, 2011 and September 30, 2012, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review as of December 31, 2011, indicated that such carrying amount was not recoverable for two of the Company's vessels; Star Ypsilon and Star Sigma and as of September 30, 2012,&amp;#160;indicated that such carrying amount was not recoverable for the Company&amp;#8217;s eight Supramax vessels and one of the Company&amp;#8217;s oldest Capesize vessel Star Sigma. As of December 31, 2012, no indications existed that the Company should perform any further impairment tests. The Company recognized an impairment loss of $62,020 and $303,219 for the years ended December 31, 2011 and 2012, respectively, which is included under "Vessel impairment loss" in the consolidated statements of operations (Note 18).&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:LongTermDebtTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;7.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Long-term Debt&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Commerzbank $120,000 facility&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On December 27, 2007, the Company entered into a loan agreement with Commerzbank AG in the amount of up to $120,000 in order to partially finance the acquisition cost of the second hand vessels, Star Gamma, Star Delta, Star Epsilon, Star Zeta, and Star Theta, which also provide the security for this loan agreement. Under the terms of this loan facility, the repayment of $120,000 is over a nine year term and divided into two tranches. The first of up to $50,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $2,250 each, (ii) the next thirteen installments amount to $1,000 each (iii) the remaining eleven installments amount to $1,300 each and a final balloon payment of $13,700 is payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $4,000 each (ii) the remaining twenty-four installments amount to $1,750 each and a final balloon payment of $12,000 is payable together with the last installment. The loan bears interest at LIBOR plus a margin at a minimum of 0.8% per annum "p.a." to a maximum of 1.25% p.a. depending on whether the aggregate drawdown ranges from 60% up to 75% of the aggregate market value of the 'initial fleet'.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, and (iii) an aggregate market value of the vessels mortgaged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On June 10, 2009, the Company entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111%. As further security for this facility, the Company shall provide a first preferred mortgage on the vessel Star Alpha and shall pledge an amount of $6,000 to the lenders. Furthermore, the interest spread was increased to 2.00% p.a. for the duration of the waiver period. Subsequent to the waiver period, if the asset cover percentage is less than 60%, between 60% to 70%, between 70% to 75% and more than 75%, the interest spread should be 0.8%, 0.9%, 1.0% and 1.25% respectively. In addition, during the waiver period, payments of dividend, share repurchases, and investments are subject to the prior written consent of the lenders.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On December 24, 2009, the Company entered into a second supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011 the security cover shall be at least 111% and 118%, respectively whether at all times thereafter 135%. Furthermore, the bank consented to: i) the sale of Star Alpha, ii) the payment of dividends not exceeding $0.05 per share in each quarter iii) the reduction of minimum liquidity from $1,000 to $650 per fleet vessel, iv) the increase of the pledged deposit by $1,250 from $6,000 to $7,250. The interest spread was also maintained to 2.00% p.a. for the duration of the waiver period. Based on the same agreement after the waiver period on January 31, 2011, the minimum liquidity was increased from $650 to $1,000 per fleet vessel and the pledged deposit of $7,250 was released.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;As of December 31, 2011 and 2012, the Company had outstanding borrowings of $84,000 and $71,386 respectively, under this loan agreement.&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Commerzbank $26,000 facility&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On September 3, 2010 the Company entered into a loan agreement with Commerzbank AG in the amount of up to $26,000 in order to partially finance the acquisition cost of the second hand vessel, Star Aurora, which is also provided as security for this loan agreement.. The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, which commenced in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment. The loan bears interest at LIBOR plus a margin of 2.6% p.a.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, (iii) an actual pledged amount of $650 for this vessel that will increase to $1,000 when cash pledged due to waiver dated December 24, 2009 shall be released, and&amp;#160;(iv) an aggregate market value of the vessel mortgaged as security under this loan agreement not less than 135% of the then outstanding borrowings at all times.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;As of December 31, 2011 and 2012, the Company had outstanding borrowings of $21,250 and $17,064 respectively, under this loan agreement.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;Restructuring Agreement -&lt;/i&gt;&lt;/b&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt; Commerzbank $120,000 and $26,000 facilities &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;On December 17, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amend the terms included in both loan agreements of $120,000 and $26,000 with Commerzbank AG (see a and b), as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;To defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, (the &amp;#8220;Deferred Amounts&amp;#8221;); the Deferred Amounts will be added to the balloon payments, payable upon the expiration of the loan agreements in the fourth quarter of 2016 or in accordance with a cash sweep mechanism (see discussion below);&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The on-charter covenant for the vessel Star Aurora on the $26,000 loan agreement&amp;#160;to be waived until July 31, 2015;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount,&amp;#160;to be&amp;#160;reduced from 135%, to 80%, from September 30, 2012 up to the year ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014 and to 110% for the six month period ending June 30, 2015. Thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Minimum liquidity requirement&amp;#160;to be reduced to $500 for each of the Company&amp;#8217;s vessels from $1,000, until December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The actual pledged amount on the $26,000 loan agreement, to be reduced to $750 from $1,000;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Margin to be increased to 3.00% p.a., for both facilities for as long as deferred amounts are outstanding and/or until original terms are complied with;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The Company to pay a flat fee of 0.40% of the combined outstanding loan amount of the two facilities to the lender;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The market value adjusted equity ratio to be reduced to 15% from 25%, from September 30, 2012 up to the year ending December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Additional financial covenant requirement to be added, ratio of EBITDA (as will be defined in the definitive documentation) to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;These amendments will apply, subject to several conditions, as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; A semi-annual cash sweep mechanism to be implemented on all mortgaged vessels on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as repayment of the Deferred Amounts;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Star Bulk Carriers Corp. shall not pay any dividends following the agreement with the Bank as long as Deferred Amounts are outstanding and/or until original terms are complied with;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;A prepayment of $2.0 million, payable by December 31, 2012, to be applied pro rata against the balloon payments of the two facilities;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;An equity increase of $30.0 million&amp;#160;to be&amp;#160;effected until and including December 31, 2013;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Increase the Company&amp;#8217;s vessel management services to cover at least 10 third-party vessels by December 31, 2013.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Credit Agricole Corporate and Investment Bank $70,000 facility&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On January 20, 2011, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank for a term loan up to $70,000 to partially finance the construction cost of Company's two Newbuildings, Star Borealis and Star Polaris&lt;i&gt;, &lt;/i&gt;which were delivered in 2011. The shipbuilding contracts and refund guarantees were assigned to the lender as security for this loan agreement and the vessels, upon their delivery, were mortgaged as security for this loan agreement. The total amount that was drawn down totaled to $67,275. Under the terms of this term loan facility, the repayment is over a seven year period and commenced three months after the delivery of each vessel. The loan is repayable in twenty eight consecutive quarterly installments, per vessel, amounting to $485.4 and $499.7, respectively and a final balloon payment which is payable together with the last installment of $19,558.2 and $20,134 for Star Borealis and Star Polaris, respectively. The loan bears interest at LIBOR plus a margin of 2.7% p.a.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;This loan agreement with Credit Agricole Corporate and Investment Bank contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $500 per fleet vessel, whichever is greater, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.7:1, effective from October 15, 2011, and (iii) an actual pledged amount of $500 per mortgaged vessel and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration such approved charter.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;On December 14, 2012, the Company agreed to enter into a loan supplemental agreement and agreed, to amended terms with Cr&amp;#233;dit Agricole Corporate and Investment Bank, as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The ratio of the total indebtedness of the borrower less liquid funds over the market value of all vessels owned to be increased to 0.95:1.0 from 0.7:1.0 until March 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount will be amended to 105% from 120% until the March 31, 2014. Thereafter and until the repayment of the loan the asset cover ratio will return to its initial level;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Minimum liquidity will be decreased to $7,000 or $500 per fleet vessel, whichever is higher, from $10,000;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014 and as long as the financial covenants included in the original agreement dated January 20, 2011 are not met. During this period, all surplus earnings of the financed vessels under the specific loan agreement, after operating expenses and debt service will be held in lender&amp;#8217;s account and not to be distributed to the Company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;As of December 31, 2011 and December 31, 2012, the Company had outstanding borrowings of $66,790 and $62,849 respectively, under this loan agreement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; ABN AMRO Bank $31,000 facility&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -28.15pt; margin: 0.1in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.55pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;On July 21, 2011, the Company entered into a senior secured credit facility with ABN AMRO Bank for $31,000, which was drawn down in full to partially finance the acquisition of Star Big and Star Mega, which were mortgaged to provide the security for this senior secured credit facility. Under this senior secured credit facility, the wholly-owned subsidiaries that own these two vessels are the borrowers and the Company is the corporate guarantor. This senior secured credit facility is repayable in 18 consecutive quarterly installments which commenced three months after the initial borrowings, in October 2011. The first 14 installments amount to $1,400 each, the remaining four installments amount to $625 each and a final balloon payment of $8,900 is payable together with the last installment. This senior secured credit facility bears interest at LIBOR plus a margin of 2.9%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;This senior secured credit facility contains financial covenants and other customary covenants, including requirements to maintain: (i) the leverage ratio shall not be greater than 70%, (ii) a ratio of EBITDA&amp;#160;to interest expense, no less than 3.0:1.0, (iii) minimum liquidity of $10,000 or $750 for each of the Company's vessels, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100,000 and (v) a maintenance reserve account up to $1,500 which can only be used for the payment of the dry-docking of vessel Star Mega. The total amount included in the maintenance reserve account was released in September 2012 in order to cover part of the respective vessel&amp;#8217;s dry-docking cost. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Big and Star Mega of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the time charter of Star Mega and 150% thereafter. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of the Company's outstanding common shares.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;On March 16, 2012, the Company entered into a supplemental agreement with ABN AMRO Bank(the Company was committed to this agreement as of January 26, 2012). Under the terms of this agreement for the period from January 26, 2012 until January 31, 2013 the &amp;#8220;Waiver Period&amp;#8221;, the minimum security cover ratio was reduced to 100%, the leverage ratio increased to 75% and the margin increased to 3.4% p.a. from 2.9% p.a.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;On January 29, 2013, the Company entered into a waiver agreement with ABN Amro Bank N.V. Under the terms of this agreement for the period from October 1, 2012 until December 31, 2014 the &amp;#8220;New Waiver Period&amp;#8221;, it is agreed to amended terms as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The minimum market adjusted net worth of the group to be decreased to $30,000 from $100,000;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The minimum liquidity of $750 per fleet vessel to be reduced to $500 per fleet vessel;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Ratio of EBITDA to interest expense to be decreased to 1.5:1.0 from 3.0:1.0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total leverage ratio of the corporate guarantor to be increased to 110% from 75%;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Minimum security cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 75% from 100%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 6pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;These amendments will apply, subject to several conditions, as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l3 level1 lfo4;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Margin increase of 50bp if the Company fails to raise equity in an amount of $30.0 million until March 31, 2013;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l3 level1 lfo4;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Star Bulk Carriers Corp. shall not pay any dividends during the New Waiver Period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;As of December 31, 2011 and, 2012, the Company had outstanding borrowings of $29,600 and $24,000 respectively, under this loan agreement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.55pt; margin: 3pt 0in 0pt 0.5in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 45.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; HSH Nordbank AG $64,500 facility&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 3pt 0in 0pt 0.5in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 45.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;On October 3, 2011 the Company entered into a new $64,500 secured term loan agreement with HSH Nordbank AG. Under this facility, Company&amp;#8217;s wholly-owned subsidiaries that own Star Cosmo, Star Kappa, Star Sigma, Star Omicron and Star Ypsilon are the borrowers and Star Bulk Carriers Corp. is the corporate guarantor. The borrowing under this new loan agreement together with $5,326 in cash used to repay in full the Company&amp;#8217;s indebtedness under its old loan agreements with Piraeus Bank S.A; a term loan of $150,000 dated April 14, 2008 and of a term loan of $35,000 dated July 1, 2008, in 2011. The senior secured term loan facility consisted of two tranches. The first tranche amounted to $48,500 the (&amp;#8220;Supramax Tranche&amp;#8221;) and is repayable in 20 quartely consecutive installments of $1,250 each, which commenced in January 2012, and a final balloon payment of $23,500. The second tranche amounted to $16,000 the (&amp;#8220;Capesize Tranche&amp;#8221;) and is repayable in 12 consecutive installments of $1,333 each, which commenced in January 2012. The Supramax Tranche bears interest at LIBOR or cost of funds, whichever is greater plus a margin of 2.75% and the Capesize Tranche bears interest at LIBOR or cost of funds whichever is greater, plus a margin of 3.00%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 0.5in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;This loan agreement contains financial covenants including requirements to maintain (i) the ratio of indebtedness of the borrower over the aggregate fair market value of the assets shall not be greater than 75% until December 31, 2013 and 70% thereafter; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) an actual pledged amount of $2,000 or $400 for each mortgaged vessel under this credit facility, whichever is greater; (v) a minimum liquidity of $10,000; (vi) an actual pledged amount of $6,504 representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date; and (vii) an aggregate market value of the vessels mortgaged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Capesize Tranche and (b) 167% of the then outstanding borrowings thereafter.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;Restructuring Agreement&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;On December 21, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amended terms with HSH Nordbank AG, as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;To defer of a minimum of approximately $3.5 million during the period from January 1, 2013 until December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;To prepay in total $6.6 million of which $3.5 million will be applied against the balloon payment of Supramax Tranche and $3.1 million will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013, using pledged cash already held by the bank. This pledged amount will cease being a requirement for this facility following the prepayment;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The actual pledged amount to be reduced to $200 from $400 for each mortgaged vessel under this credit facility. The released amount of $800 to be used as a partial prepayment of the Supramax Tranche (50% to be applied against the balloon payment of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013).&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The minimum liquidity of $10,000 to be reduced to $7,000 or $500 per fleet vessel until and including December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The ratio of indebtedness of the borrowers over the aggregate fair market value of assets to be increased to 90% from 75% until and including December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The minimum market adjusted net worth of the Company to be decreased to $30,000 from $100,000 until and including December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 100% from September 30, 2012 until and including December 31, 2012 and to 110% from January 1, 2013 until and including December 31, 2013. Thereafter and until the repayment of the loan, the asset cover ratio to return to 125%;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The margin&amp;#160;to be increased to 3.50% for both Supramax and Capesize Tranches from 3.00% and 2.75% for the Capesize and the Supramax Tranche, respectively, from January 1, 2013 until December 31, 2014 (in the case that an event of default and/or covenant breach, has occurred, the increased margin will apply until the breach is remedied);&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The waiver of the aggregated market value covenant, which required the vessels mortgaged under this loan agreement to maintain a value of 167% of the outstanding borrowings, upon the repayment of the Capesize Tranche, until and including December 31, 2013.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;These amendments will apply, subject to several conditions, as described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 3pt 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspfirst"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; A semi-annual cash sweep mechanism will be effected from June 30, 2013 and will be implemented on all vessels mortgaged under this loan agreement on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as applied to the balloon payment of the Supramax Tranche.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In the event of the sale of the vessel Star Sigma during the calendar years 2013 and 2014, proceeds from such sale will be used to fully repay the Capesize Tranche, while the remaining amount will be applied pro-rata against the remaining quarterly repayment installments of the Supramax Tranche until December 31, 2014;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Star Bulk Carriers Corp. and the ship-owning subsidiaries shall not pay any dividends following the agreement with the Bank until December 31, 2014, or later in case of a covenant breach;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspmiddle"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; An equity increase of a minimum of $20.0 million within the year ending December 31, 2013 and starting to apply from October 1, 2013, the proceeds of which are to be used solely for investment on new vessels&amp;#8217; acquisition(s);&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxsplast"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Payment of a one-time processing fee of $12.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;As of December 31, 2011 and, 2012, the Company had outstanding borrowings of $64,500 and $48,815 respectively, under this loan agreement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;As of December 31, 2012 the Company was in compliance with the restructured loan covenants.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;The weighted average interest rate related to the Company's existing debt (including the margin) as of December 31, 2010, 2011 and 2012 was 2.73%, 3.25% and 2.92% respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;The principal payments required to be made after December 31, 2012 for all outstanding debt are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 337px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Years&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2013&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.766&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2014&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;23.300&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2015&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.215&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2016&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;96.745&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2017&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.941&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2018 and thereafter&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;43.147&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;224.114&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 4pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;Interest expense for the years ended December 31, 2010, 2011 and 2012 amounting to $5,317, $4,698 and $7,167, respectively, amortization of deferred finance fees amounting to $329, $329 and $502, respectively, and other finance fees amounting to $270, $200 and $169, respectively, are included under "Interest and finance costs" in the accompanying consolidated statements of operations.&lt;/p&gt;
&lt;p style="margin: 4pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;The unamortized balance of the deferred financing fees relating to Piraeus Bank S.A. loan facilities, which were fully repaid in 2011, amounting to $307, were written off and included under "Loss on debt extinguishment&lt;b&gt;" &lt;/b&gt;in the accompanying consolidated statement of operations for the year ended December 31, 2011.&lt;/p&gt;
&lt;p style="margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;All vessels are first-priority mortgaged as collateral to the Company's loan facilities.&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="fyp0d">&lt;p style="margin: 3pt 0in 0pt; mso-pagination: none; tab-stops: .25in; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;8.&amp;#160;&amp;#160;&amp;#160; Preferred, Common Stock and Additional Paid in Capital:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 3pt 0in 0pt; mso-pagination: none; tab-stops: .25in; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b&gt;Preferred Stock: &lt;/b&gt;Star Bulk is authorized to issue up to 25,000,000 shares of preferred stock, $0.01 par value with such designations, as voting, and other rights and preferences, as determined by the Board of Directors. As of December 31, 2011 and 2012 the Company had not issued any preferred stock.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b&gt;Common Stock: &lt;/b&gt;Until 2009, Star Bulk was authorized to issue 100,000,000 registered common shares, par value $0.01. On November 23, 2009 at the Company's annual meeting of shareholders, the Company's shareholders voted to approve an amendment to the Amended and Restated Articles of Incorporation increasing the number of common shares that the Company was authorized to issue from 100,000,000 registered common shares, par value $0.01 per share, to 300,000,000 registered common shares, par value $0.01 per share.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Each outstanding share of the Company's common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by the Company's board of directors out of funds legally available for dividends. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of the Company's securities. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which the Company may issue in the future.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On July 22, 2011, the Company offered 16,700,000 common shares in an underwritten public offering at a public offering price of $1.80 per share less underwriters' discount. All of the shares in the offering were sold by the Company. The Company used the net proceeds of this offering to fund a portion of the aggregate purchase price of Star Big and Star Mega and for working capital purposes.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b&gt;15-for-1 reverse stock split&lt;/b&gt;: Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company&amp;#8217;s 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company&amp;#8217;s common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company&amp;#8217;s common stock received a cash payment in lieu of such fractional share.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b&gt;Share re-purchase Plan: &lt;/b&gt;On February 23, 2010, the Company's Board of Directors adopted a stock repurchase plan for up to $30,000 to be used for repurchasing the Company's common shares until December 31, 2011. All repurchased shares will be cancelled and removed from the Company's share capital.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On August 10, 2011, the Company's Board of Directors decided to reinstate the share repurchase plan with the limitation of acquiring up to a maximum amount of $3,000 worth of Company&amp;#8217;s shares, at a maximum price of $1.30 per share. On November 9, 2011 the Company's Board of Directors extended the duration of the share repurchase plan until December 31, 2012.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;During the year ended December 31, 2012 the Company repurchased and cancelled 61,730 treasury shares, which were repurchased in the open market for an aggregate purchase price of $0.9 million, pursuant to the terms of Company&amp;#8217;s existing share repurchase plan and has $2.1 million of remaining capacity under the plan.&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; tab-stops: 500.1pt; mso-layout-grid-align: none;" class="msonormal"&gt;During the years ended December 31, 2010 and 2011, there were no shares repurchased.&lt;/p&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<sblk:OtherOperationalGainTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;9.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Other Operational Gain:&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;For the year ended December 31, 2010, other operational gain totaled $26,648 and represented a gain of $21,648 in connection to the settlement of a commercial claim, related to the vessel Star Ypsilon (see Note 15 (c)) and an amount of $5,000 from the sale of 45% interest in future proceeds related to the settlement of several commercial claims (Note 10). Other operational gain for the year ended December 31, 2011 totaled $9,260 and comprised of a consideration received of $9,000 related to the settlement of a commercial claim with Oldendorff Gmbh&amp;#160;and Co. KG (see Note 15(a)), and a gain of $260 relating to a hull and machinery claim. For the year ended December 31, 2012, other operational gain totaling $3,507, mainly consists of $2,514 and $157, which represent non-recurring revenues from the settlement of two commercial claims (see Note 15 (d) and (f)) and a gain from hull&amp;#160;and machinery claim amounting to $812.&lt;/p&gt;</sblk:OtherOperationalGainTextBlock>
<sblk:OtherOperationalLossTextBlock contextRef="fyp0d">&lt;p style="line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;10.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Other Operational Loss:&lt;/b&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt;" class="msonormal"&gt;On September 29, 2010, the Company agreed with a third party to sell a 45% interest in the future proceeds related to the recovery of certain of the commercial claims against a consideration of $5,000 (Note 15(a) and Note 15(d)). During the year ended December 31, 2011 the Company paid $4,050 to the third party relating to the settlement of one of the legal cases included in the above mentioned agreement. This amount is presented in "Other operational loss" in the accompanying consolidated statements of loss. For the year ended December 31, 2012, other operational loss amounting &lt;a name="_dv_c73"&gt;&lt;/a&gt;to &lt;a name="_dv_m175"&gt;&lt;/a&gt;$1,226 mainly consists of an amount of $1,131 representing the expense incurred by the Company towards the third party mentioned above, in connection &lt;a name="_dv_c74"&gt;&lt;/a&gt;with&lt;a name="_dv_m176"&gt;&lt;/a&gt; the settlement of one of the legal cases also included in the above mentioned agreement. For the year ended December 31, 2010, no other operational loss was recorded.&lt;/p&gt;</sblk:OtherOperationalLossTextBlock>
<us-gaap:EarningsPerShareTextBlock contextRef="fyp0d">&lt;p style="line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;11.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Losses per Share:&lt;/b&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;All shares issued (including the restricted shares issued under the Company&amp;#8217;s equity incentive plan) are the Company&amp;#8217;s common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic loss per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the years ended December 31, 2010, 2011 and 2012 the weighted average number of diluted shares outstanding would have included&amp;#160; the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. However, and as the Company incurred losses in these years, the effect of such incremental shares would be anti-dilutive and therefore, basic and diluted losses per share are the same amounts. The Company calculates basic and diluted losses per share as follows:&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 736px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Loss:&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Net loss&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(5.131)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(69.559)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(314.521)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 30pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Weighted average common shares outstanding, basic and diluted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.099.277&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.736.485&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.393.131&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Loss per share, basic and diluted &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="text-indent: 110.45pt; margin: 0in 0in 0pt; mso-char-indent-count: 10.0;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(1,25)&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(14,69)&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(58,32)&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="fyp0d">&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;12.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Equity Incentive Plan:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On February 8, 2007, the Company's Board of Directors adopted a resolution approving the terms and provisions of the Company's Equity Incentive Plan (2007 Plan). The Plan is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the successful conduct of the business of the Company, with incentives to enter into and remain in the service of the Company, acquire a propriety interest in the success of the Company, maximize their performance, and enhance the long-term performance of the Company.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Under the 2007 Plan, officers, key employees, directors and consultants of Star Bulk and its subsidiaries will be eligible to receive options to acquire shares of common stock, stock appreciation rights, restricted stock and other stock-based or stock-denominated awards. Star Bulk has reserved a total of 2,000,000 shares of common stock for issuance under the plan, subject to adjustment for changes in capitalization as provided in the 2007 Plan.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On February 23, 2010, the Company's Board of Directors approved the Company's Equity Incentive Plan (the 2010 Plan). The Company has reserved a total of 2,000,000 shares of common stock for issuance under the 2010 Plan, subject to adjustment for changes in capitalization as provided in the 2010 Plan. All provisions of the 2010 Plan are similar with the 2007 Plan provisions.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On August 31, 2011, the board of directors adopted the 2011 Equity Incentive Plan (the 2011 Plan). The Company reserved a total of 2,000,000 shares of common stock for issuance under the 2011 Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in such plan. All provisions of the 2011 Plan are similar with the 2007 and 2010 Plans provisions.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Pursuant to Company's 2011, 2010 and 2007 Equity Incentive Plans, the Company issued the following securities:&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"&gt;i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On December 3, 2007, the Company granted to Mr. Tsirigakis, the Company&amp;#8217;s former Chief Executive Officer, and Mr. Syllantavos, the Company&amp;#8217;s former Chief Financial Officer, 6,000 and 5,000 non-vested shares of Star Bulk common stock, respectively.&amp;#160; The fair value of each share was $230.10, which is equal to the market value of the Company's common stock on the grant date. The shares vest in three equal installments on July 1, 2008, 2009 and 2010. All 11,000 shares granted under this Plan were issued during 2008.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -21.3pt; margin: 0in 0in 0pt 42.55pt; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On March 31, 2008, the Company concluded an agreement with Company's Director Mr. P. Espig.&amp;#160; Under this agreement, which is part of Company's Equity incentive plan, Mr. Espig received 10,000 non-vested shares of Star Bulk common stock. The fair value of each share was $170.85 which is equal to the market value of the Company's common stock on the grant date. The shares vested in two equal installments on April 1, 2008 and 2009. All 10,000 shares granted under this Plan were issued during 2008.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On December 5, 2008, an aggregate of 8,667 non-vested common shares to all of the Company&amp;#8217;s employees and an aggregate of 62,667 non-vested common shares to the members of the board of directors. The fair value of each share was $27.00 which is equal to the market value of the Company's common stock on the grant date. These shares were issued on January 20, 2009 and vested on January 31, 2009.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;iv)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On February 4, 2010, an aggregate of 7,707 non-vested common shares to all Company's employees subject to applicable vesting of 4,624 common shares on June 30, 2010 and 3,083 common shares on June 30, 2011. The fair value of each share was $39.90 which is equal to the market value of the Company's common stock on the grant date.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;v)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On February 24, 2010, an aggregate of 65,333 non-vested common shares to the members of Company's Board of Directors subject to applicable vesting of 32,667 common shares on each of June 30 and September 30, 2010. The fair value of each share was $41.25 which is equal to the market value of the Company's common stock on the grant date.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;vi)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On October 20, 2010, an aggregate of 9,333 non-vested common shares to all of the Company's employees and an aggregate of 71,333 non-vested common shares to the members of board of directors. The fair value of each share was $42.00 which is equal to the market value of the Company's common stock on the grant date. These shares vested on December 31, 2010.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;vii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On February 7, 2011, 28,000 common shares were granted to Mr. Spyros Capralos, the Company&amp;#8217;s new Chief Executive Officer, pursuant to the terms of consultancy agreement with an entity owned and controlled by him. The shares vest in three equal installments on February 7, 2012, 2013 and 2014. The fair value of each share was $36.75 and has been determined by reference to the closing price of the Company&amp;#8217;s common stock on the grant date. The first installment of 9,333 shares that were vested on February 7, 2012, issued on April 20, 2012.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"&gt;viii)&amp;#160;&amp;#160;&amp;#160;&amp;#160; On May 12, 2011, 16,533 restricted non-vested common shares and 5,533 common shares were granted to the former Chief Financial Officer pursuant to an agreement dated May 12, 2011 covering the terms of his severance. The respective stock based compensation was fully amortized at the date of his resignation by August 31, 2011. The fair value of each share was $34.50 and has been determined by reference to the closing price of the Company&amp;#8217;s common stock on the grant date.&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;ix)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; On January 17, 2012, 90,667 restricted common shares were granted to certain directors, officers, employees of the Company and its subsidiaries. The fair value of each share was $13.50 and has been determined by reference to the closing price of the Company&amp;#8217;s common stock on the grant date. The respective shares were issued on April 20, 2012 and vested on March 30, 2012.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;On September 20, 2011, the Company filed a registration statement on Form S-8 (File No. 333-176922) that covers the resale of up to 311,007 of the common shares that have been and may be issued under its 2007, 2010 and 2011 equity incentive plans.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;All non-vested shares are conditional upon the grantee's continued service as an employee of the Company. The grantee does not have the right to vote such non-vested shares until they vest or exercise any right as a shareholder of these shares, however, the issued and non-vested shares pay dividends as declared. For the years ended December 31, 2010, 2011, and 2012 the Company paid dividends on non-vested shares which amounted to $89, $29 and $0, respectively.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The Company estimates that there will be no forfeitures of non-vested shares. The shares which are issued in accordance with the terms of the Company's Equity Incentive Plans remain restricted until they vest.&amp;#160; For the years ended December 31, 2010, 2011 and 2012, stock based compensation cost was $6,511, $1,362 and $1,546 respectively, and is included under "General and administrative expenses" in the accompanying consolidated statement of operations.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;A summary of the status of the Company's non-vested shares as of December 31, 2010, 2011 and 2012, and the movement during the years ended December 31, 2011 and 2012, is presented below.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 613px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 45.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Weighted Average Grant Date Fair Value&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at January 1, 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.666&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;230,10&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Granted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;153.707&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;41,55&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Vested&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-154.291&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;46,05&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at December 31, 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.082&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;39,90&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at January 1, 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.082&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;39,90&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Granted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;49.867&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;35,70&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Vested&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(24.949)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;35,10&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at December 31, 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;36,75&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at January 1, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;36,75&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 15;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Granted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;90.667&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13,50&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 16;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Vested&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(100.000)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;15,67&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 17; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at December 31, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;18.667&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;36,75&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 0.3in;" class="msonormal"&gt;As of December 31, 2012, there was $144 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Equity Incentive Plans. The cost is expected to be recognized over a weighted-average period of 0.98 years. The total fair value of shares vested during the years ended December 31, 2010, 2011 and 2012 was $6,113, $561 and $1,386, respectively.&lt;/p&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="fyp0d">&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;13.&amp;#160;&amp;#160;&amp;#160; Accrued Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:&lt;/p&gt;
&lt;p style="margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 545px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 30.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;br  /&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;br  /&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Audit fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;213&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;159&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Legal fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;7&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;7&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Other professional fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;52&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;26&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;Vessel Operating and voyage expenses&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.039&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.835&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Loan interest and financing fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.559&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.395&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Accrued Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.870&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.422&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="fyp0d">&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;14.&amp;#160;&amp;#160;&amp;#160; Income Taxes:&lt;/b&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Taxation on Marshall Islands Registered Companies&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Under the laws of the countries of the shipowning companies' incorporation and/or vessels' registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes, which have been included under "Vessel operating expenses" in the accompanying statements of operations.&lt;/p&gt;
&lt;p style="line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-list: l0 level1 lfo1;" class="msolistparagraph"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;b&gt;Taxation on US Source Income &amp;#8211; Shipping Income&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The Company believes that it and its subsidiaries are exempt from U.S. federal income tax at 4% on U.S. source shipping income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and the Company's stock is primarily and regularly traded on an established securities market in the United States, as defined by the Internal Revenue Code (IRC) of the United States.&amp;#160; Under IRS regulations, a Company's stock will be considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; (ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year. Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company&amp;#8217;s stock will not be considered to be &amp;#8220;regularly traded&amp;#8221; on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company&amp;#8217;s outstanding stock, (&amp;#8220;5 Percent Override Rule&amp;#8221;).&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="fyp0d">&lt;p style="text-indent: -21.3pt; margin: 0.1in 0in 0pt 21.3pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;15.&amp;#160;&amp;#160; Commitments and Contingencies:&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-indent: -21.3pt; margin: 0.1in 0in 0pt 21.3pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt 21.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Legal proceedings&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt 21.3pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company&amp;#8217;s vessels are covered for pollution in the amount of $1&amp;#160;billion per vessel per incident, by the Protection and Indemnity Association in which the Company&amp;#8217;s vessels are entered. The Company&amp;#8217;s vessels are subject to calls payable to their Protection and Indemnity Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the Protection and Indemnity Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal"&gt;a.&amp;#160;&amp;#160; The Company commenced in 2008 an arbitration proceeding as claimant against Oldendorff Gmbh &amp;amp; Co. KG of Germany ("Oldendorff"), seeking damages resulting from Oldendorff's repudiation of a charter party relating to the vessel Star Beta. Under the terms of the settlement agreement dated April 1, 2011, Oldendorff paid to the Company an amount of $9,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations for the year ended December 31, 2011 (Note 9).&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal"&gt;b.&amp;#160;&amp;#160; Arbitration proceedings commenced in 2009 pursuant to disputes that have arisen with the charterers of the vessel Star Alpha. The disputes relate to vessel performance characteristics and hire. Star Bulk was seeking damages for repudiations of the charter party due to early redelivery of the vessel as well as unpaid hire of $2,096, while the charterers were seeking contingent damages resulting from the vessel's off-hire. The charterers subsequently entered into liquidation. Pursuant to a settlement agreement between the Company, the liquidator of the charterers and the sub charterers, entered into February 2011, the arbitration proceedings were discontinued and each party released each other from its respective claim. An amount of $2,096 is included under "Bad debt expense" in the accompanying consolidated statement of operations for the year ended December 31, 2010, associated with the write-off of this charterer's balance.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal"&gt;c.&amp;#160;&amp;#160; Arbitration proceedings against TMT seeking damages resulting from TMT's repudiation of the charter party of the vessel Star Ypsilon due to the nonpayment of charter hire of $2,606 related to this vessel were discontinued in October 2010.&amp;#160; During the months June and July 2010 the Company received the amount of $2,082 for unpaid charter hire, bunkers and interest. A final settlement was reached during October 2010, according to which the Company received the amount of $22,222, which resulted to a gain amounted to $21,648 and is included under "Other operational gain" for the year ended December 31, 2010, associated with the settlement of the unrealized revenues due to the early termination of the time charter of the vessel that occurred in July 2009 (Note 9).&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 0.1in 0in 0pt 35.45pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal"&gt;d.&amp;#160;&amp;#160; The Company commenced arbitration proceedings against Ishhar Overseas that was the previous charterer of the vessels Star Epsilon and Star Kappa. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessel as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period of the charter parties. Claim submissions were filed. As of December 31, 2011, the Company determined that this amount was not recoverable and recognized a provision for doubtful receivables, amounting to $1,949, which is included under "Bad debt expense" in the accompanying consolidated statements of loss for the year ended December 31, 2011. On September 5, 2012, a settlement agreement was signed between the shipowning companies of Star Epsilon and Star Kappa and Bhatia International Ltd, which is the parent company of Ishhar Overseas. Pursuant to the terms of this agreement the Company will receive an amount of $5,000 in seventeen installments.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal"&gt;The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments varying between $250 and $500 will be received the last day of each month beginning from September 30, 2012. As of December 31, 2012 the Company has received an amount of $2,514 under the respective agreement which is included under "Other operational gain" in the accompanying consolidated statement of operations for the year ended December 31, 2012 (Note 9).&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal"&gt;e.&amp;#160;&amp;#160; During July 2010, a dispute arose between the Company and Deiulemar that was the charterer of the vessel Star Beta, for due hire and damages for the late redelivery of the vessel amounting to $1,732 which was included under "Trade accounts receivable, net" in accompanying consolidated balance sheets, while the charterers have a counterclaim for the vessel's performance. Pursuant to a settlement agreement signed on February 20, 2012, the Company received the amount of $1,040, the arbitration proceedings were discontinued and each party released each other from its respective claim. This event was qualified as an adjusting subsequent event under ASC 855 "Subsequent Events" and therefore the Company recognized a respective provision, amounting to $692, which was included under "Bad debt expense" in the accompanying consolidated statements of operations for the year ended December 31, 2011.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 1.0in;" class="msonormal"&gt;f.&amp;#160;&amp;#160;&amp;#160; In February 2011, Korea Line Corporation ("KLC"), charterers at the time of the vessel Star Gamma and of the vessel Star Cosmo commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by the KLC's creditors on October 14, 2011, the Company was entitled to receive an amount of $6,839, 37% of which will be repaid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares. The Company will receive one common share of KLC with par value of KRW 5,000 (approx. $0.0047) for each KRW 100,000 (approx. $0.09) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be locked up for six months before trade. The Company does not expect that will have either control or significant influence over KLC as a result of the shares entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with the KLC under which the Company received an amount of $172 in October 2011 and an amount of $172 in January 2013, as part of the due hire for Star Gamma. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels Star Gamma and Star Cosmo following the exercise of liens on the subhires due to KLC.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 21.3pt; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;Under these agreements the Company received an amount of $86 from Star Gamma subcharter in December 2011 and an amount of $121 in March 2012 from Star Cosmo subcharterer. As of December 31, 2011, the Company determined that an amount of $498 was not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision which is included under "Bad debt expense" in the accompanying consolidated statements of loss.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 21.3pt; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;On November 19, 2012, the Company received 46,007 shares of KLC as part of the rehabilitation plan described above for the vessel Star Gamma, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to $144. In December 2012, the Company also received an amount of $12 and $1 in cash, for Star Gamma and Star Cosmo respectively, pursuant to the terms of the rehabilitation plan. Total amount of $157 is included under "Other operational gain" in the accompanying consolidated statements of loss for the year ended December 31, 2012 (Note 9). The next bunch of 2,872 shares for the vessel Star Cosmo is expected to be released from lock up on June 4, 2013.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 21.3pt; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;On September 29, 2010, the Company agreed with a third party to sell its 45% interest in the future proceeds related to the recovery of several commercial claims (Note 15(a) and Note 15(d)) against a consideration of $5,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations for the year ended December 31, 2010. This amount was collected in October 2010 (Note 10).&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;In July 2011, the Company posted a cash collateral of &amp;#8364;340,000 (approx. $448), in Spain for Star Cosmo which had allegedly discharged oily water while sailing in Spanish waters in May 2011.&amp;#160; Administrative investigations commenced locally. The cash collateral of &amp;#8364;340,000 has been released to the Company in March 2012, after being replaced by a Protection and Indemnity Letter of undertaking. The fines imposed have now been reduced to &amp;#8364;260,000 (approx. $343) and the Company plans to file an administrative appeal to further reduce them or have them revoked. Until an irrevocable judgment is issued, the Company cannot estimate its exposure. Up to $1 billion of the liabilities associated with the individual vessels' actions, mainly for sea pollution, are covered by the Protection and Indemnity&amp;#160;Club Insurance. The Company has not accrued any amount for the specific case.&lt;/p&gt;
&lt;p style="margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;Future minimum contractual charter revenue&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;Future minimum contractual charter revenue, based on vessels committed to non-cancelable, time charter contracts net of address commission which amounted to $2,018, as of December 31, 2012 will be:&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 283px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Years ending December 31,&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amount*&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2013&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;39.873&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2014&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;22.355&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2015&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;16.950&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2016&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;8.761&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2017&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;9.034&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2018 and thereafter&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;31.630&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;128.603&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: -14.2pt; margin: 0in 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;*&amp;#160;&amp;#160;&amp;#160; These amounts do not include any assumed off-hire except for the scheduled interim and special surveys of the vessels.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<sblk:AccountReceivableNetCurrentTextBlock contextRef="fyp0d">&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;16.&amp;#160;&amp;#160;&amp;#160; Trade Accounts Receivable, Net&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The amounts in the accompanying consolidated balance sheets are analyzed as follows:&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 549px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Trade accounts receivable&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;7.901&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.969&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Allowance for doubtful debts&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(3.139)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Accounts Receivable, Net&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;4.762&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;5.969&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The movement in the allowance for doubtful debts is analyzed as follows:&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 549px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance as at January 1&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Bad debt expense&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.139&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Less: Amount written off during the year&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance as at December 31&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.139&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;</sblk:AccountReceivableNetCurrentTextBlock>
<sblk:VoyageAndVesselOperatingExpensesTextBlock contextRef="fyp0d">&lt;p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;17.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Voyage and Vessel Operating Expenses:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;The amounts in the accompanying consolidated statements of operations are analyzed as follows:&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Voyage&amp;#160; expenses&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Port charges&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.047&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;694&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.484&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Bunkers&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.544&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;915&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;10.788&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Commissions &amp;#8211; third parties&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.180&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.347&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;947&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Commissions &amp;#8211; related parties&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.540&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.237&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.134&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Chartered-in vessel expenses&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;11.180&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;17.909&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.050&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Miscellaneous&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;348&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;327&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;195&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total voyage expenses&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;16.839&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;22.429&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;19.598&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel operating expenses&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Crew wages and related costs&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.348&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.938&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.498&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Insurances&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.195&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.399&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.655&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Maintenance, Repairs, Spares and Stores&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.729&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;6.130&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;6.779&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Lubricants&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.925&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.189&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.046&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Tonnage taxes&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;116&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;123&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;169&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Upgrading expenses&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;301&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;789&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;19&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Miscellaneous&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;735&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;679&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;666&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18.75pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total vessel operating expenses&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;22.349&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;25.247&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;27.832&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;</sblk:VoyageAndVesselOperatingExpensesTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="fyp0d">&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;18.&amp;#160;&amp;#160;&amp;#160; Fair value measurements:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;The guidance related to Fair Value Measurements requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:&lt;/font&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; text-indent: -42.55pt; margin: 0in 0in 0pt 63.8pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Level 1:&amp;#160;&amp;#160;&amp;#160;&amp;#160;Quoted market prices in active markets for identical assets or liabilities;&lt;/font&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; text-indent: -42.55pt; margin: 0in 0in 0pt 63.8pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Level 2:&amp;#160;&amp;#160;&amp;#160;&amp;#160;Observable market based inputs or unobservable inputs that are corroborated by market data;&lt;/font&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; text-indent: -42.55pt; margin: 0in 0in 0pt 63.8pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Level 3:&amp;#160;&amp;#160;&amp;#160;&amp;#160;Unobservable inputs that are not corroborated by market data.&lt;/font&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 12pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;Fair value on a recurring basis&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;The Company trades in the freight derivatives (FFAs and freight options) and bunker derivatives markets with an objective to utilize those instruments as economic hedge instruments that can be highly effective in reducing the risk on specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Freight derivatives and bunker derivatives trading do not qualify for cash flow hedges for accounting purposes, therefore resulting gains or losses are recognized in the accompanying consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Dry bulk shipping freight derivatives have the following characteristics: they cover periods from several days and months to one year or more years; they can be based on time charter rates or freight rates on specific quoted routes; and they are executed between two parties. All Company's freight derivatives are cleared transactions. During 2010, the Company entered into several FFA contracts. All of the Company's FFAs are settled on a daily basis through the London Clearing House (LCH). There is also a margin maintenance requirement based on marking the contract to market. Freight options are treated as assets/liabilities until they are settled. During 2011 and 2012, the Company entered into several Freight derivatives, including freight options. As of December 31, 2011 fair value of derivative instruments liability, determined through Level 1 inputs of the fair value hierarchy as defined in ASC 820-10-35 Fair Value Measurements and Disclosure, Subsequent Re-measurement of FASB Accounting Standard Codification (ASC), was $82. As of December 31, 2012 the Company had no open positions on freight derivatives.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Bunker derivatives are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company's derivatives are traded as a derivative on the over-the-counter (OTC) market. During 2010, the Company entered into several bunker swap contracts. As of December 31, 2011 and 2012, the Company had no open positions on bunkers swaps.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;As of December 31, 2011 and 2012, the cash margin requirement for future trades (of both freight and bunker derivatives) was $153 and $0 and is classified as short-term restricted cash in the accompanying consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;For the years ended December 31, 2010, 2011 and 2012, the gain or (loss) recognized on freight and bunker derivative contracts is included under "Loss/ (gain) on derivative instruments" in the accompanying consolidated statements of operations and is analyzed as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 471px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Freight Derivatives&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;2.078&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;390&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-41&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Bunker Derivatives&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;5&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16.5pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;2.083&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;390&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;-41&amp;#160; &lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and non-current restricted cash balances, bearing interest at variable interest rates, approximate their recorded values as of December 31, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="line-height: 115%; margin: 12pt 0in 0pt 21.25pt; mso-pagination: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;Fair value on a nonrecurring basis&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;As a result of the decline in charter rates and vessel values during the last four years and because market expectations for future rates are low and vessel values are unlikely to increase to the high levels of 2008 in the foreseeable future, the Company reviewed, as of December 31, 2011 and September 30, 2012, the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review as of December 31, 2011 indicated that such carrying amount was not recoverable for two of the Company&amp;#8217;s vessels; Star Ypsilon and Star Sigma and as of September 30, 2012 indicated that such carrying amount was not recoverable for the Company&amp;#8217;s eight Supramax vessels and one of the Company&amp;#8217;s oldest Capesize vessel, Star Sigma. Details of the impairment charge for each vessel, as of December 31, 2011, are noted in the table below.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 753px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 339pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="452" colspan="3"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Fair Value Measurements Using&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 45pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Quoted Prices in Active Markets for Identical Assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Significant Other Observable Inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Significant Unobservable Inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Vessel impairment loss&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Ypsilon&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;11.500&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;30.754&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Sigma&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;14.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;31.266&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;25.500&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;62.020&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Details of the impairment charge for each vessel, as of December 31, 2012, are noted in the table below.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 624px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; background-color: transparent; padding-left: 5.4pt; width: 6.5in; padding-right: 5.4pt; height: 15pt; padding-top: 0in; border: #ece9d8;" width="624" colspan="5"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Fair Value Measurements Using&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 45pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Quoted Prices in Active Markets for Identical Assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Significant Other Observable Inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Significant Unobservable Inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;Vessel impairment loss&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Cosmo&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;14.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;45.838&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Delta&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;12.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;35.836&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Epsilon&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;13.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;36.756&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Gamma&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;14.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;36.033&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Kappa&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;13.500&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;39.115&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Omicron&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;17.750&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;39.841&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Theta&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;15.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;36.784&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Zeta&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;15.250&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;29.811&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;Star Sigma&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;9.000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;3.205&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;123.500&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;303.219&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 12pt 0in 0pt 21.25pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;The fair value is based on the Company's best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independents shipbrokers as of December 31, 2011 and September 30, 2012. The Company recognized a total impairment loss of $62,020 and $303,219, which was included under "Vessel impairment loss" in the accompanying consolidated statements of operations for the year ended December 31, 2011 and 2012, respectively.&lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="fyp0d">&lt;p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;19.&amp;#160;&amp;#160;&amp;#160; Subsequent Events:&lt;/b&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;On March 14, 2013, the Company entered into an agreement with a third party in order to sell the vessel Star Sigma, for a contracted price of $9,041 less commission of 5%. As of the date of this report, the vessel has not been delivered yet. The carrying amount of the vessel as of December 31, 2012 was $8,640.&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
<us-gaap:ConsolidationPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Principles of consolidation:&lt;/i&gt;&lt;/b&gt; The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated in consolidation.Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification ("ASC) 810 "Consolidation", (formely Accounting Research Bulletin ("ARB") No.51) a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, and the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Variable interest entities ("VIE") are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2011 and 2012, no such interestexisted.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Use of estimates: &lt;/i&gt;&lt;/b&gt;The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/p&gt;</us-gaap:UseOfEstimates>
<us-gaap:ComprehensiveIncomePolicyPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Comprehensive income/ (loss): &lt;/i&gt;&lt;/b&gt;&amp;#160;In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 &amp;#8220;Comprehensive Income&amp;#8221;, and presents items of net income, items of other comprehensive income (&amp;#8220;OCI&amp;#8221;) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. The Company has no such transactions which affect comprehensive loss and, accordingly, comprehensive loss equals net loss for all periods presented.&lt;/p&gt;</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="fyp0d">&lt;p style="text-align: justify; margin: 3pt 0in 0pt; mso-pagination: none; tab-stops: 500.1pt; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&lt;i&gt;Concentration of credit risk: &lt;/i&gt;&lt;/b&gt;Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade accounts receivable and derivative contracts (bunker derivatives and freight derivatives). The Company's policy is to place cash, cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy and are exposed to minimal interest rates and credit risks. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, a) in over-the-counter transactions, the Company limits its exposure by diversifying among counter parties with high credit ratings, and b) all of the Company's freight derivatives are cleared through London Clearing House (LCH).&lt;/font&gt;&lt;/p&gt;</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;&lt;b&gt;&lt;i&gt;Foreign currency transactions:&lt;/i&gt;&lt;/b&gt; The functional currency of the Company is the U.S. Dollar since the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions.&amp;#160;On the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Cash and cash equivalents:&lt;/i&gt;&lt;/b&gt; The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Restricted cash:&lt;/i&gt;&lt;/b&gt; With restricted cash, it is required that minimum cash deposits or cash collateral deposits are maintained with certain banks under the Company's borrowing arrangements. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:ReceivablesPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Trade accounts receivable, net: &lt;/i&gt;&lt;/b&gt;The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.&lt;/p&gt;</us-gaap:ReceivablesPolicyTextBlock>
<us-gaap:InventoryPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Inventories:&lt;/i&gt;&lt;/b&gt; Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. Cost is determined by the first in, first out method.&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Vessels, net: &lt;/i&gt;&lt;/b&gt;Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Subsequent expenditure when it does not extend the useful life of the vessel is charged to expense as incurred.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value (vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).&amp;#160; Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<sblk:AdvancesForVesselsUnderConstructionPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Advances for vessels under construction:&lt;/i&gt;&lt;/b&gt; Advances made to shipyards during construction periods are classified as "Advances for vessels under construction" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels and other fixed assets, net". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.&lt;/p&gt;</sblk:AdvancesForVesselsUnderConstructionPolicyTextBlock>
<sblk:FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Fair value of above/below market acquired time charter:&lt;/i&gt;&lt;/b&gt;&lt;b&gt; &lt;/b&gt;&amp;#160;The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered.&amp;#160; Such intangible assets or liabilities are recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.&lt;/p&gt;</sblk:FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Impairment of long-lived assets:&lt;/i&gt;&lt;/b&gt; The Company follows guidance related to Impairment or Disposal of Long-lived Assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;font style="font-family: times new roman,times;"&gt;On&amp;#160;December 31, 2011 and September 30, 2012, the Company performed impairment tests of the Company's vessels due to the global economic downturn and the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for the Company's vessels to determine if the assets were impaired. In developing its estimates of future undiscounted cash flows, the Company makes assumptions and estimates about vessels' future performance, with the significant assumptions relating to charter rates, ship operating expenses, vessels' residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, and use historical trends as future expectations. The projected net operating cash flows were determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage commission expected outflows for scheduled vessels' maintenance (dry-docking and special surveys) and vessels' operating expenses. Estimates of revenue are based on the current FFA rates for as long as they are available, and historical average rates of similar size vessels for the period thereafter. As a result of this analysis, we determined that the carrying amount of Star Sigma and Star Ypsilon was not recoverable as of December 31, 2011, and an impairment loss of $62.0 million was recognized. This analysis, for each of our vessels as of September 30, 2012, indicated that the carrying amount of the entire supramax fleet and Star Sigma was not recoverable and after comparing the vessel's fair values to their carrying values, an impairment loss amounting to $303.2 million was recognized (see Note 5 and 18).&lt;/font&gt;&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock>
<sblk:VesselsHeldForSalePolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Vessels held for sale: &lt;/i&gt;&lt;/b&gt;It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies a vessel as being held for sale when all of the following criteria are met: management has committed to a plan to sell this vessel; the vessel is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under "Vessel impairment loss" in accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.&lt;/p&gt;</sblk:VesselsHeldForSalePolicyTextBlock>
<us-gaap:DebtPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Financing costs:&lt;/i&gt;&lt;/b&gt; Fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or for refinancing existing loans, are recorded as deferred charges. Deferred charges are expensed as interest and finance costs using the effective interest rate method over the duration of the respective loan facility. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding &lt;i&gt;Debt Extinguishment&lt;/i&gt;. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to &lt;i&gt;Changes in Line-of-Credit or Revolving-Debt Arrangements.&lt;/i&gt;&lt;/p&gt;</us-gaap:DebtPolicyTextBlock>
<sblk:PensionAndRetirementBenefitObligationsCrewPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Pension and retirement benefit obligations&amp;#8212;crew:&lt;/i&gt;&lt;/b&gt;&lt;b&gt; &lt;/b&gt;The ship-owning subsidiaries included in the consolidated financial statements employ the crew on board under short-term contracts (usually up to eight months) and, accordingly, are not liable for any pension or post-retirement benefits.&lt;/p&gt;</sblk:PensionAndRetirementBenefitObligationsCrewPolicyTextBlock>
<sblk:PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Pension and retirement benefit obligations&amp;#8212;administrative personnel: &lt;/i&gt;&lt;/b&gt;Administrative employees are covered by state-sponsored pension funds. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund.&amp;#160; The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations. Upon retirement, the state-sponsored pension funds are responsible for paying the employees' retirement benefits without recourse to the Company.&lt;/p&gt;</sblk:PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="fyp0d">&lt;p style="text-align: justify; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Stock incentive plan awards:&amp;#160; &lt;/i&gt;&lt;/b&gt;Share-based compensation represents vested and non-vested shares granted to employees and to directors for their services, and is included in "General and administrative expenses" in the consolidated statements of operations. These shares are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. Guidance related to Stock Compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the ''accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the ''straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.&amp;#160; The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<sblk:DryDockingCostsPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Dry-docking and special survey expenses:&amp;#160; &lt;/i&gt;&lt;/b&gt;Dry-docking and special survey expenses are expensed when incurred.&lt;/p&gt;</sblk:DryDockingCostsPolicyTextBlock>
<sblk:RevenueAndExpenseRecognitionPolicy contextRef="fyp0d">&lt;p style="text-align: justify; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Accounting for revenue and related expenses:&lt;/i&gt;&lt;/b&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt; &lt;/i&gt;&lt;/b&gt;The Company generates its revenues from charterers for the charterhire of its vessels under two types of charters; under time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, and under voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. Under time charters, voyage costs, such as fuel and port charges, are borne and paid by the charterer. The Company's time charters agreements are classified as operating leases. Revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee, and a collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to Leases.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. &amp;#160;Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured. Deferred revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining (if any) as long term liability.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Furthermore, payments in advance for services are recorded as prepaid expenses.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage. In addition, voyage expenses include expenses related to the charter -in of vessels owned by third parties, whenever this is required. Such expenses are recognized on a pro-rata basis over the duration of the voyage.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"&gt;Brokerage commissions are paid by the Company. Brokerage commissions are recognized over the related charter period and included in voyage expenses. Voyage expenses and vessel operating expenses are expensed as incurred.&lt;/p&gt;</sblk:RevenueAndExpenseRecognitionPolicy>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Fair value measurements:&lt;/i&gt;&lt;/b&gt; The Company follows the provisions ASC 820, &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221; which defines, and provides guidance as to the measurement of, fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&amp;#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18).&lt;/p&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Earnings/ (loss) per common share&lt;/i&gt;&lt;/b&gt;&lt;b&gt;:&lt;/b&gt; Earnings or loss per share are computed in accordance with guidance related to Earnings per Share. Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution assuming common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and, assuming the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost thereof, were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 11).&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Segment reporting:&lt;/i&gt;&lt;/b&gt; The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Operating Officer who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="fyp0d">&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;i&gt;Recent accounting pronouncements:&lt;/i&gt;&lt;/b&gt; There are no recent accounting pronouncements the adoption of which would have a material effect on the Company&amp;#8217;s consolidated financial statements in the current period.&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<sblk:ListOfSubsidiariesTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.65pt; width: 757px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
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&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Wholly Owned Subsidiaries&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Vessel Name&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;DWT&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Date&lt;br  /&gt;Delivered to Star Bulk&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Year Built&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Bulk Management Inc.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Starbulk S.A.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Bulk Manning LLC &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#8212;&lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Vessels in operation at December 31, 2012&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
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&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Aurora LLC&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Aurora&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;171.199&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;September 8, 2010&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Big LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Big&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;168.404&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;July 25, 2011&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;1996&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Borealis LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Borealis&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;179.678&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;September 9, 2011&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2011&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Mega LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Mega&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;170.631&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;August 16, 2011&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;1994&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Polaris LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Polaris&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;179.546&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;November 14, 2011&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2011&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Lamda LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Sigma&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;184.403&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;April 15, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;1991&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Cosmo LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Cosmo&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;52.247&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;July 1, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2005&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Delta LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Delta (ex F Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;52.434&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;January 2, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2000&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Epsilon LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Epsilon (ex G Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;52.402&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;December 3, 2007&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2001&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 15;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Gamma LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Gamma (ex C Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;53.098&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;January 4, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2002&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 16;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Kappa LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Kappa (ex E Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;52.055&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;December 14, 2007&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2001&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 17;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Omicron LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Omicron&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;53.489&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;April 17, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2005&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 18;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Theta LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Theta (ex J Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;52.425&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;December 6, 2007&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2003&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 19;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Zeta LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Zeta (ex I Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;52.994&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;January 2, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;2003&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 20;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 21;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Vessels disposed*&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 22;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Alpha LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Alpha (ex A Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;175.075&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;January 9,2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;1992&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 23;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Beta LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Beta (ex B Duckling)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;174.691&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;December 28, 2007&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;1993&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 24; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star&amp;#160; Ypsilon LLC&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Star Ypsilon&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;150.940&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;September 18, 2008&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;1991&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</sblk:ListOfSubsidiariesTableTextBlock>
<us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 323px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;Charterer&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;font size="2"&gt;2012&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;A&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;21%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;B&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;17%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;C&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;13%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;12%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;D&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;10%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;13%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;E&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;14%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;12%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;14%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;F&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;12%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;19%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;15%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;G&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;15%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;28%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;H&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;10%&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock>
<us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 741px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance Sheet&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;OOCAPE1 Holdings LLC (g)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;147&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Assets&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;147&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Interchart Shipping Inc. (a)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;260&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;100&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Management and Directors Fees (b)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;141&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;121&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Combine Marine Inc. (c)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;27&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Oceanbulk Maritime S.A. (e)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;8&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Maiden Voyage LLC (f)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;41&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;436&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;262&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 15;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Statements of Operations&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="353" colspan="7"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 16;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 17;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Commission on sale of vessel-Oceanbulk (e)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;660&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;91&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 18;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Voyage expenses-Interchart (a)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.540&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.237&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.134&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 19;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Executive directors consultancy fees (b)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;874&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.505&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;453&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 20;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Non-executive directors compensation (b)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;206&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;151&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;124&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 21;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Office rent &amp;#8211; Combine Marine Inc (c)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;48&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 22;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Office rent - Combine Marine Ltd. (d)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;40&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 23;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Office setup expenses - Oceanbulk (e)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;148&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 24;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Management fee income - Maiden Voyage LLC (f)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;128&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 25; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Management fee income - OOCAPE1 Holdings LLC (g)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;76&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 412px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Lubricants&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.200&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.985&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Bunkers&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.667&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.628&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.867&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.613&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 579px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Vessels&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;876.778&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;772.981&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Other fixed assets&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;587&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;679&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Impairment charge&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(62.020)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(303.219)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total cost&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;815.345&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;470.441&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Accumulated depreciation&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(176.813)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(179.234)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessels and other fixed assets, net&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;638.532&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;291.207&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
<sblk:FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 883px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 75.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="15"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair value of acquired time charter&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Accumulated amortization as of December 31, 2009&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2009&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amortization 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amortization 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amortization 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance December 31, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair Value of below market acquired time charter&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Epsilon&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.375&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.375&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Theta&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.397&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.397&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Alpha&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;46.966&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;46.966&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Delta&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13.815&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13.815&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Cosmo&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.856&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.044&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.812&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.360&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;452&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;452&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;91.409&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;89.597&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;1.812&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;1.360&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;452&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;452&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="77" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair value of above market acquired time charter&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Kappa&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.980&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.980&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Ypsilon&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.417&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.417&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Big&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13.733&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.180&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.553&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.224&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;9.329&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Star Mega&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;9.332&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.186&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;8.146&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.145&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.001&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;39.462&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;16.397&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2.366&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;20.699&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;6.369&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;14.330&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</sblk:FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock>
<us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 267px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Years&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2013&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;6.352&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2014&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.080&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2015&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.898&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;14.330&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 337px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Years&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2013&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.766&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2014&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;23.300&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2015&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.215&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2016&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;96.745&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2017&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.941&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;December 31, 2018 and thereafter&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;43.147&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="233"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;224.114&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 736px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Loss:&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Net loss&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(5.131)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(69.559)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(314.521)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 30pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Weighted average common shares outstanding, basic and diluted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.099.277&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.736.485&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.393.131&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283"&gt;
&lt;p style="text-indent: 110.45pt; margin: 0in 0in 0pt; mso-char-indent-count: 10.0;" class="msonormal"&gt;&lt;b&gt;Loss per share, basic and diluted &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="text-indent: 110.45pt; margin: 0in 0in 0pt; mso-char-indent-count: 10.0;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(1,25)&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(14,69)&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(58,32)&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 613px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 45.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Weighted Average Grant Date Fair Value&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at January 1, 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.666&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;230,10&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Granted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;153.707&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;41,55&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Vested&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-154.291&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;46,05&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at December 31, 2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.082&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;39,90&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at January 1, 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.082&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;39,90&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Granted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;49.867&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;35,70&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Vested&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(24.949)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;35,10&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at December 31, 2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;36,75&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 12;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at January 1, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;28.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;36,75&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 15;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Granted&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;90.667&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;13,50&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 16;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;Vested&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(100.000)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;15,67&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 17; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329"&gt;
&lt;p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"&gt;&lt;b&gt;Unvested as at December 31, 2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;18.667&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;36,75&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 545px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 30.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;br  /&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&lt;br  /&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Audit fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;213&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;159&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Legal fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;7&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;7&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Other professional fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;52&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;26&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;Vessel Operating and voyage expenses&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.039&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.835&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Loan interest and financing fees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.559&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.395&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Accrued Liabilities&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.870&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.422&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 283px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Years ending December 31,&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Amount*&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2013&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;39.873&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2014&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;22.355&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2015&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;16.950&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2016&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;8.761&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2017&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;9.034&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;2018 and thereafter&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;31.630&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;128.603&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 549px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Trade accounts receivable&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;7.901&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5.969&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Allowance for doubtful debts&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;(3.139)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total Accounts Receivable, Net&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;4.762&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;5.969&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:ScheduleOfValuationAllowanceForImpairmentOfRecognizedServicingAssetsTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 549px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance as at January 1&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Bad debt expense&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.139&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Less: Amount written off during the year&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Balance as at December 31&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;3.139&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfValuationAllowanceForImpairmentOfRecognizedServicingAssetsTextBlock>
<sblk:VoyageExpensesTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Voyage&amp;#160; expenses&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Port charges&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.047&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;694&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.484&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Bunkers&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.544&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;915&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;10.788&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Commissions &amp;#8211; third parties&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.180&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.347&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;947&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Commissions &amp;#8211; related parties&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.540&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.237&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.134&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Chartered-in vessel expenses&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;11.180&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;17.909&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.050&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Miscellaneous&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;348&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;327&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;195&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total voyage expenses&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;16.839&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;22.429&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;19.598&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</sblk:VoyageExpensesTableTextBlock>
<sblk:VesselOperatingExpensesTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel operating expenses&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Crew wages and related costs&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.348&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;12.938&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;14.498&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Insurances&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.195&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.399&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.655&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Maintenance, Repairs, Spares and Stores&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;4.729&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;6.130&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;6.779&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Lubricants&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;1.925&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.189&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;3.046&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Tonnage taxes&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;116&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;123&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;169&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Upgrading expenses&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;301&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;789&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;19&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Miscellaneous&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;735&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;679&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;666&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18.75pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="265"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Total vessel operating expenses&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;22.349&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;25.247&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;27.832&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</sblk:VesselOperatingExpensesTableTextBlock>
<us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock contextRef="fyp0d">&lt;table style="margin: auto auto auto 4.45pt; width: 471px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Freight Derivatives&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;2.078&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;390&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;$&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-41&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Bunker Derivatives&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;5&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16.5pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="167"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;2.083&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;390&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64"&gt;
&lt;p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;-41&amp;#160; &lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock>
<us-gaap:FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="fyp0d">&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;Details of the impairment charge for each vessel, as of December 31, 2011, are noted in the table below.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 753px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 339pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="452" colspan="3"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair Value Measurements Using&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 45pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Quoted Prices in Active Markets for Identical Assets&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Significant Other Observable Inputs&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Significant Unobservable Inputs&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel impairment loss&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Ypsilon&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;11.500&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;30.754&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"&gt;Star Sigma&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;14.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;31.266&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;25.500&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160; &lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;62.020&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt;" class="msonormal"&gt;&lt;font size="2"&gt;Details of the impairment charge for each vessel, as of December 31, 2012, are noted in the table below.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="margin: auto auto auto 4.45pt; width: 624px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; background-color: transparent; padding-left: 5.4pt; width: 6.5in; padding-right: 5.4pt; height: 15pt; padding-top: 0in; border: #ece9d8;" width="624" colspan="5"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Fair Value Measurements Using&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 45pt; mso-yfti-irow: 1;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Quoted Prices in Active Markets for Identical Assets&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Significant Other Observable Inputs&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Significant Unobservable Inputs&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;Vessel impairment loss&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Cosmo&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;14.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;45.838&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Delta&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;12.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;35.836&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Epsilon&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;13.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;36.756&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Gamma&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;14.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;36.033&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Kappa&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;13.500&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;39.115&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Omicron&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;17.750&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;39.841&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Theta&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;15.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;36.784&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Zeta&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;15.250&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;29.811&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 11;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;Star Sigma&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;9.000&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;-&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117"&gt;
&lt;p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"&gt;3.205&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15.75pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;"&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132"&gt;
&lt;p style="margin: 0in 0in 0pt;" class="msonormal"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139"&gt;
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<us-gaap:LegalMattersAndContingenciesTextBlock contextRef="fyp0d__StarEpsilonAndStarKappaMember">&lt;p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd; mso-pagination: none; tab-stops: 35.45pt; mso-layout-grid-align: none;" class="msonormal"&gt;The Company commenced arbitration proceedings against Ishhar Overseas that was the previous charterer of the vessels Star Epsilon and Star Kappa. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessel as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period of the charter parties. Claim submissions were filed. As of December 31, 2011, the Company determined that this amount was not recoverable and recognized a provision for doubtful receivables, amounting to $1,949, which is included under "Bad debt expense" in the accompanying consolidated statements of loss for the year ended December 31, 2011. On September 5, 2012, a settlement agreement was signed between the shipowning companies of Star Epsilon and Star Kappa and Bhatia International Ltd, which is the parent company of Ishhar Overseas. Pursuant to the terms of this agreement the Company will receive an amount of $5,000 in seventeen installments.&lt;/p&gt;
&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 35.45pt; mso-layout-grid-align: none;" class="msonormal"&gt;The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments varying between $250 and $500 will be received the last day of each month beginning from September 30, 2012. As of December 31, 2012 the Company has received an amount of $2,514 under the respective agreement which is included under "Other operational gain" in the accompanying consolidated statement of operations for the year ended December 31, 2012 (Note 9).&lt;/p&gt;</us-gaap:LegalMattersAndContingenciesTextBlock>
<us-gaap:LegalMattersAndContingenciesTextBlock contextRef="fyp0d__StarGammaAndStarCosmoMember">&lt;p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 1.0in; mso-layout-grid-align: none;" class="msonormal"&gt;In February 2011, Korea Line Corporation ("KLC"), charterers at the time of the vessel Star Gamma and of the vessel Star Cosmo commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by the KLC's creditors on October 14, 2011, the Company was entitled to receive an amount of $6,839, 37% of which will be repaid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares. The Company will receive one common share of KLC with par value of KRW 5,000 (approx. $0.0047) for each KRW 100,000 (approx. $0.09) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be locked up for six months before trade. The Company does not expect that will have either control or significant influence over KLC as a result of the shares entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with the KLC under which the Company received an amount of $172 in October 2011 and an amount of $172 in January 2013, as part of the due hire for Star Gamma. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels Star Gamma and Star Cosmo following the exercise of liens on the subhires due to KLC.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 21.3pt; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"&gt;Under these agreements the Company received an amount of $86 from Star Gamma subcharter in December 2011 and an amount of $121 in March 2012 from Star Cosmo subcharterer. As of December 31, 2011, the Company determined that an amount of $498 was not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision which is included under "Bad debt expense" in the accompanying consolidated statements of loss.&lt;/p&gt;
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        <link:definition>400825 - Disclosure - Preferred, Common Stock and Additional Paid in Capital - Reverse Stock Split Adjustments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/EquityIncentivePlanAdditionalInformationDetails"
        id="EquityIncentivePlanAdditionalInformationDetails">
        <link:definition>401220 - Disclosure - Equity Incentive Plan (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/BasisOfPresentationAndGeneralInformationTable"
        id="BasisOfPresentationAndGeneralInformationTable">
        <link:definition>300100 - Disclosure - Basis of Presentation and General Information (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/TransactionsWithRelatedPartiesTables"
        id="TransactionsWithRelatedPartiesTables">
        <link:definition>300300 - Disclosure - Transactions with Related Parties (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/VesselsAndOtherFixedAssetsNetTable"
        id="VesselsAndOtherFixedAssetsNetTable">
        <link:definition>300500 - Disclosure - Vessels and Other Fixed Assets, Net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/LongTermDebtTable"
        id="LongTermDebtTable">
        <link:definition>300700 - Disclosure - Long-term Debt (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/EarningsLossesPerShareTables"
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        <link:definition>301100 - Disclosure - Losses per Share (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/EquityIncentivePlanTable"
        id="EquityIncentivePlanTable">
        <link:definition>301200 - Disclosure - Equity Incentive Plan (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/CommitmentsAndContingenciesTable"
        id="CommitmentsAndContingenciesTable">
        <link:definition>301500 - Disclosure - Commitments and Contingencies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/FairValueMeasurementsTables"
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        <link:definition>301800 - Disclosure - Fair Value measurements (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/FairValueOfAcquiredTimeChartersTables"
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        <link:definition>300600 - Disclosure - Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/FairValueOfAcquiredTimeChartersFutureAmortizationTableDetails"
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        <link:definition>400620 - Disclosure - Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination - Future Amortization (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/TradeAccountReceivableNetTables"
        id="TradeAccountReceivableNetTables">
        <link:definition>301600 - Disclosure - Trade Accounts Receivable, Net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/PreferredCommonStockAndAdditionalPaidInCapitalShareRepurchasePlanDetails"
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        <link:definition>400830 - Disclosure - Preferred, Common Stock and Additional Paid-in Capital - Share Re-purchase Plan (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/BasisOfPresentationAndGeneralInformationTableDetails"
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        <link:definition>400110 - Disclosure - Basis of Presentation and General Information (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:definition>400520 - Disclosure - Vessels and Other Fixed Assets, Net (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:definition>401230 - Disclosure - Equity Incentive Plan - Company's Equity Incentive Plans (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:definition>401000 - Disclosure - Other Operational Loss (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:definition>200000 - Disclosure - Significant Accounting policies (Policy)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:definition>300400 - Disclosure - Inventories (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>400810 - Disclosure - Preferred, Common Stock and Additional Paid in Capital - Equity (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>400820 - Disclosure - Preferred, Common Stock and Additional Paid in Capital - Reverse Stock Split (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType
        roleURI="http://www.starbulk.com/20121231/role/CommitmentsAndContingenciesEnvironmentalDetails"
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        <link:definition>401540 - Disclosure - Commitments and Contingencies - Environmental (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>400610 - Disclosure - Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination - Amount per Vessel (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>401300 - Disclosure - Accrued Liabilities (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>401610 - Disclosure - Trade Accounts Receivable, Net - Analysis (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>401620 - Disclosure - Trade Accounts Receivable, Net - Allowance Movement (Table) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>400720 - Disclosure - Long-term Debt - Information Per Loan (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>401520 - Disclosure - Commitments And Contingencies - Legal (Details)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>301300 - Disclosure - Accrued Liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>301700 - Disclosure - Voyage and Vessel Operating Expenses (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
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    id="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
    name="AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter"
    name="AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_AdditionsToVesselCostAndOtherFixedAssets"
    name="AdditionsToVesselCostAndOtherFixedAssets"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_AddressCommission"
    name="AddressCommission"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_AddressCommissionPercentage"
    name="AddressCommissionPercentage"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets"
    name="AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock"
    name="AdvancesForVesselsUnderConstructionPolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_AfterReverseStockSplitAdjustmentMember"
    name="AfterReverseStockSplitAdjustmentMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Amendment1Member"
    name="Amendment1Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Amendment2Member"
    name="Amendment2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
    name="AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter"
    name="AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet"
    name="AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_AnnualConsultingFees"
    name="AnnualConsultingFees"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_AuditFees"
    name="AuditFees"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_BhatiaInternationalLtdMember"
    name="BhatiaInternationalLtdMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_BoardOfDirectorsMember"
    name="BoardOfDirectorsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_BrokerageCommissionPercentage"
    name="BrokerageCommissionPercentage"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_BunkerContractsMember"
    name="BunkerContractsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_BunkerInventoryCurrent"
    name="BunkerInventoryCurrent"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_CashCollateralForPollution"
    name="CashCollateralForPollution"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_CashCollateralForPollutionRelease"
    name="CashCollateralForPollutionRelease"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_CashCollateralForPolution"
    name="CashCollateralForPolution"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_CashCollateralForPolutionRelease"
    name="CashCollateralForPolutionRelease"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_CashConsideration"
    name="CashConsideration"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold"
    name="CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_CertainDirectorsOfficersEmployeesMember"
    name="CertainDirectorsOfficersEmployeesMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CharteredInVesselExpenses"
    name="CharteredInVesselExpenses"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_Charterer1Member"
    name="Charterer1Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer2Member"
    name="Charterer2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer3Member"
    name="Charterer3Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer4Member"
    name="Charterer4Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer5Member"
    name="Charterer5Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer6Member"
    name="Charterer6Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer7Member"
    name="Charterer7Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Charterer8Member"
    name="Charterer8Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1"
    name="ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1"
    type="num:perShareItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_ClassOfWarrantOrRightsExercised"
    name="ClassOfWarrantOrRightsExercised"
    type="xbrli:sharesItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_CombineMarineIncMember"
    name="CombineMarineIncMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CombineMarineLtdMember"
    name="CombineMarineLtdMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CommercialClaim1Member"
    name="CommercialClaim1Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CommercialClaimMember"
    name="CommercialClaimMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_CommerzbankAg2Member"
    name="CommerzbankAg2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CommerzbankAgAggregateFacilityMember"
    name="CommerzbankAgAggregateFacilityMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CommerzbankAgMember"
    name="CommerzbankAgMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CommisionsOnSaleOfAssets"
    name="CommisionsOnSaleOfAssets"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_CommonStockParentheticalsMember"
    name="CommonStockParentheticalsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_CostForEarlyDeliveryCapitalized"
    name="CostForEarlyDeliveryCapitalized"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_CreditAgricoleCorporateAndInvestmentBankMember"
    name="CreditAgricoleCorporateAndInvestmentBankMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_DailyManagementFee"
    name="DailyManagementFee"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_DateOfAgreement"
    name="DateOfAgreement"
    type="xbrli:dateItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_DebtInstrumentBasisSpreadOnVariableRate1"
    name="DebtInstrumentBasisSpreadOnVariableRate1"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment"
    name="DebtInstrumentBasisSpreadOnVariableRateUnderAmendment"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_DebtRestructuringCostPercentage"
    name="DebtRestructuringCostPercentage"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_DecreaseInRestrictedCash"
    name="DecreaseInRestrictedCash"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_DocumentAndEntityInformationAbstract"
    name="DocumentAndEntityInformationAbstract"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
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    id="sblk_DryDockingCostCapitalized"
    name="DryDockingCostCapitalized"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_DryDockingCostsPolicyTextBlock"
    name="DryDockingCostsPolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
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    id="sblk_EmployeesMember"
    name="EmployeesMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_EnityWideRevenueMajorCustomerDomain"
    name="EnityWideRevenueMajorCustomerDomain"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_EquityIncentivePlan2007Member"
    name="EquityIncentivePlan2007Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_EquityIncentivePlan2010Member"
    name="EquityIncentivePlan2010Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_EquityIncentivePlan2011Member"
    name="EquityIncentivePlan2011Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_EquityRaisingUndertaking"
    name="EquityRaisingUndertaking"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock"
    name="FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract"
    name="FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock"
    name="FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock"
    name="FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_FairValueOfAboveMarketAcquiredTimeCharter"
    name="FairValueOfAboveMarketAcquiredTimeCharter"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross"
    name="FairValueOfAboveMarketAcquiredTimeCharterGross"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
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    name="FairValueOfBelowMarketAcquiredTimeCharter"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross"
    name="FairValueOfBelowMarketAcquiredTimeCharterGross"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_FiniteLivedIntangibleLiabilitiesNetAbstract"
    name="FiniteLivedIntangibleLiabilitiesNetAbstract"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_FormerCeoAndCfoMember"
    name="FormerCeoAndCfoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_FormerCeoMember"
    name="FormerCeoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_FormerCfo2Member"
    name="FormerCfo2Member"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_FormerCfoMember"
    name="FormerCfoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
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    id="sblk_FreightAndBunkerContractsMember"
    name="FreightAndBunkerContractsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_FreightContractsMember"
    name="FreightContractsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
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    id="sblk_FuelQuantity"
    name="FuelQuantity"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_GainFromInsuranceClaim"
    name="GainFromInsuranceClaim"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_GainOnTimeCharterAgreementTermination"
    name="GainOnTimeCharterAgreementTermination"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_GrossDailyCharterRate"
    name="GrossDailyCharterRate"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_HshNordbankAgMember"
    name="HshNordbankAgMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_HshNordbankCapesizeTrancheMember"
    name="HshNordbankCapesizeTrancheMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_HshNordbankSupramaxTrancheBalloonMember"
    name="HshNordbankSupramaxTrancheBalloonMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_HshNordbankSupramaxTrancheInstallmentsMember"
    name="HshNordbankSupramaxTrancheInstallmentsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_HshNordbankSupramaxTrancheMember"
    name="HshNordbankSupramaxTrancheMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_HullAndMachineryClaimMember"
    name="HullAndMachineryClaimMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_IncreaseDecreaseInAccruedIncome"
    name="IncreaseDecreaseInAccruedIncome"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_IncreaseInRestrictedCash"
    name="IncreaseInRestrictedCash"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_InsuranceCoverageMaximumAmount"
    name="InsuranceCoverageMaximumAmount"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_InsuranceExpense"
    name="InsuranceExpense"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_InterchartShippingMember"
    name="InterchartShippingMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember"
    name="IssuanceOfSharesUnderEquityIncentivePlanMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue"
    name="IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_KoreaLineCorporationMember"
    name="KoreaLineCorporationMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_LegalFeesAccruedLiabilities"
    name="LegalFeesAccruedLiabilities"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_LegalSettlementReceivable"
    name="LegalSettlementReceivable"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_ListOfSubsidiariesTableTextBlock"
    name="ListOfSubsidiariesTableTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_LoanAmendmentDisclosure"
    name="LoanAmendmentDisclosure"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_LoanDuration"
    name="LoanDuration"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_LoanInstallmentDeferred"
    name="LoanInstallmentDeferred"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_LubricantsExpense"
    name="LubricantsExpense"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_LubricantsInventoryCurrent"
    name="LubricantsInventoryCurrent"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_MaidenVoyageMember"
    name="MaidenVoyageMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_MasterAgreementMember"
    name="MasterAgreementMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_NetDailyCharterRate"
    name="NetDailyCharterRate"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_NonExecutiveDirectorsCompensation"
    name="NonExecutiveDirectorsCompensation"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_NumberOfInstallments"
    name="NumberOfInstallments"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_OceanbulkMaritimeMember"
    name="OceanbulkMaritimeMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_OldendorffGmbhCoMember"
    name="OldendorffGmbhCoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_Oocape1HoldingsMember"
    name="Oocape1HoldingsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_OtherFinancingFees"
    name="OtherFinancingFees"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_OtherOperationalGainTextBlock"
    name="OtherOperationalGainTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_OtherOperationalLossTextBlock"
    name="OtherOperationalLossTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_OtherVesselAcquisitionCosts"
    name="OtherVesselAcquisitionCosts"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity"
    name="PaymentsByRelatedPartiesOnBehalfOfReportingEntity"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters"
    name="PaymentsToAcquireAboveMarketAcquiredTimeCharters"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock"
    name="PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock"
    name="PensionAndRetirementBenefitObligationsCrewPolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_PercentageOfFutureProceedsSold"
    name="PercentageOfFutureProceedsSold"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_PiraeusBankMember"
    name="PiraeusBankMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PortCharges"
    name="PortCharges"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_PrepaymentOnLoan"
    name="PrepaymentOnLoan"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_PricePerUnit"
    name="PricePerUnit"
    type="num:perShareItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_PriorToReverseStockSplitAdjustmentMember"
    name="PriorToReverseStockSplitAdjustmentMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_PropertyPlantAndEquipmentOtherGross"
    name="PropertyPlantAndEquipmentOtherGross"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_PublicOfferingMember"
    name="PublicOfferingMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ReclassificationOfLongTermDebt"
    name="ReclassificationOfLongTermDebt"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_ReinstatementOfShareRepurchasePlanMember"
    name="ReinstatementOfShareRepurchasePlanMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_RelatedPartiesCommissionsFees"
    name="RelatedPartiesCommissionsFees"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_RentExpensePerMonth"
    name="RentExpensePerMonth"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_RestrictedCashForFutureDerivativeTrades"
    name="RestrictedCashForFutureDerivativeTrades"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_RevenueAndExpenseRecognitionPolicy"
    name="RevenueAndExpenseRecognitionPolicy"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_ReverseStockSplitDisclosuresAbstract"
    name="ReverseStockSplitDisclosuresAbstract"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ReverseStockSplitDomain"
    name="ReverseStockSplitDomain"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ReverseStockSplitLineItems"
    name="ReverseStockSplitLineItems"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_SaleOfFutureClaimsProceeds"
    name="SaleOfFutureClaimsProceeds"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_SaleOfFutureCommercialClaimsProceedsMember"
    name="SaleOfFutureCommercialClaimsProceedsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale"
    name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale"
    type="xbrli:sharesItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod"
    name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod"
    type="xbrli:sharesItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue"
    name="ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue"
    type="num:perShareItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_StarAlphaMember"
    name="StarAlphaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarAuroraMember"
    name="StarAuroraMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarBetaMember"
    name="StarBetaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarBigAndStarMegaMember"
    name="StarBigAndStarMegaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarBigMember"
    name="StarBigMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarBorealisAndStarPolarisMember"
    name="StarBorealisAndStarPolarisMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarBorealisMember"
    name="StarBorealisMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember"
    name="StarCosmoGainOnTimeCharterAgreementTermninationMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarCosmoMember"
    name="StarCosmoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarCosmoVoyageRevenueMember"
    name="StarCosmoVoyageRevenueMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarDeltaMember"
    name="StarDeltaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarEpsilonAndStarKappaMember"
    name="StarEpsilonAndStarKappaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarEpsilonMember"
    name="StarEpsilonMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarGammaAndStarCosmoMember"
    name="StarGammaAndStarCosmoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarGammaMember"
    name="StarGammaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarKappaMember"
    name="StarKappaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarMegaMember"
    name="StarMegaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarOmicronMember"
    name="StarOmicronMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarPolarisMember"
    name="StarPolarisMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarSigmaAmountReceivedForFuelsMember"
    name="StarSigmaAmountReceivedForFuelsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarSigmaAmountReceivedInCashMember"
    name="StarSigmaAmountReceivedInCashMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarSigmaMember"
    name="StarSigmaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarThetaMember"
    name="StarThetaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarYpsilonMember"
    name="StarYpsilonMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StarZetaMember"
    name="StarZetaMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_StockRepurchaseProgramMaximumSharePrice"
    name="StockRepurchaseProgramMaximumSharePrice"
    type="num:perShareItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_StockholdersEquityReverseStockSplitRatio"
    name="StockholdersEquityReverseStockSplitRatio"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_TimeCharterTerminationDeferredRevenue"
    name="TimeCharterTerminationDeferredRevenue"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_TmtAndAffiliatesMember"
    name="TmtAndAffiliatesMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_TmtCoMember"
    name="TmtCoMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_TonnageTax"
    name="TonnageTax"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_TotalVesselsMember"
    name="TotalVesselsMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_UnitsIssued"
    name="UnitsIssued"
    type="xbrli:sharesItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_UpgradingExpense"
    name="UpgradingExpense"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselAcquisitionContractPrice"
    name="VesselAcquisitionContractPrice"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselCapacity"
    name="VesselCapacity"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselCostPolicyTextBlock"
    name="VesselCostPolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VesselGross"
    name="VesselGross"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselImpairmentLoss"
    name="VesselImpairmentLoss"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselNet"
    name="VesselNet"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselOperatingExpensesTableTextBlock"
    name="VesselOperatingExpensesTableTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VesselRedeliveryDate"
    name="VesselRedeliveryDate"
    type="xbrli:dateItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselSaleCommissionPercentage"
    name="VesselSaleCommissionPercentage"
    type="num:percentItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselYearBuilt"
    name="VesselYearBuilt"
    type="xbrli:stringItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselsAcquired"
    name="VesselsAcquired"
    type="xbrli:integerItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    nillable="true" />
  <element
    id="sblk_VesselsAndOtherFixedAssetsNet"
    name="VesselsAndOtherFixedAssetsNet"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VesselsHeldForSalePolicyTextBlock"
    name="VesselsHeldForSalePolicyTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VesselsOtherFixedAssetsGross"
    name="VesselsOtherFixedAssetsGross"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="instant"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VinylMember"
    name="VinylMember"
    type="nonnum:domainItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    abstract="true"
    nillable="true" />
  <element
    id="sblk_VoyageAndVesselOperatingExpensesTextBlock"
    name="VoyageAndVesselOperatingExpensesTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VoyageExpenses"
    name="VoyageExpenses"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_VoyageExpensesTableTextBlock"
    name="VoyageExpensesTableTextBlock"
    type="nonnum:textBlockItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
  <element
    id="sblk_VoyageRevenues"
    name="VoyageRevenues"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="credit"
    nillable="true" />
  <element
    id="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery"
    name="WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    xbrli:balance="debit"
    nillable="true" />
  <element
    id="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue"
    name="WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue"
    type="xbrli:monetaryItemType"
    substitutionGroup="xbrli:item"
    xbrli:periodType="duration"
    nillable="true" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>18
<FILENAME>sblk-20121231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--
Taxonomy Calculation Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 08:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2013 UBmatrix inc., All Rights Reserved
Produced on 2013-03-19 23:17:44
-->
<linkbase
  xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="
    http://www.xbrl.org/2003/linkbase
      http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd
    ">
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#ConsolidatedBalanceSheets"
    roleURI="http://www.starbulk.com/20121231/role/ConsolidatedBalanceSheets" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#ConsolidatedStatementsOfOperations"
    roleURI="http://www.starbulk.com/20121231/role/ConsolidatedStatementsOfOperations" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#ConsolidatedStatementsOfCashFlows"
    roleURI="http://www.starbulk.com/20121231/role/ConsolidatedStatementsOfCashFlows" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#CommitmentsAndContingenciesTableDetails"
    roleURI="http://www.starbulk.com/20121231/role/CommitmentsAndContingenciesTableDetails" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTableDetails"
    roleURI="http://www.starbulk.com/20121231/role/FairValueOfAcquiredTimeChartersFutureAmortizationTableDetails" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#LongTermDebtTableDetails"
    roleURI="http://www.starbulk.com/20121231/role/LongTermDebtTableDetails" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#AccruedLiabilities"
    roleURI="http://www.starbulk.com/20121231/role/AccruedLiabilitiesTableDetails" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#VoyageExpenses"
    roleURI="http://www.starbulk.com/20121231/role/VoyageAndVesselOperatingExpensesVoyageExpensesTableDetails" />
  <roleRef xlink:type="simple"
    xlink:href="sblk-20121231.xsd#VesselOperatingExpenses"
    roleURI="http://www.starbulk.com/20121231/role/VoyageAndVesselOperatingExpensesVesselOperatingExpensesTableDetails" />
  <calculationLink xlink:type="extended"
    xlink:role="http://www.starbulk.com/20121231/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator"
      xlink:label="us-gaap_Assets"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_AssetsCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsCurrent"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"
      order="2"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsReceivableNetCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent"
      order="3"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_InventoryNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_InventoryNet"
      order="4"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_OtherReceivablesNetCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherReceivablesNetCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherReceivablesNetCurrent"
      order="5"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_DueFromRelatedPartiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_DueFromRelatedPartiesCurrent"
      order="6"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent"
      order="7"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Assets" xlink:to="us-gaap_PropertyPlantAndEquipmentNet"
      order="2"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet"
      xlink:href="sblk-20121231.xsd#sblk_VesselsAndOtherFixedAssetsNet" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_PropertyPlantAndEquipmentNet"
      xlink:to="sblk_VesselsAndOtherFixedAssetsNet"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Assets" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet"
      order="3"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveMarketAcquiredTimeCharter" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Assets" xlink:to="sblk_FairValueOfAboveMarketAcquiredTimeCharter"
      order="4"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Assets" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"
      order="5"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_Liabilities"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesAndStockholdersEquity"
      xlink:to="us-gaap_Liabilities"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LiabilitiesCurrent"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_LoansPayableToBankCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LoansPayableToBankCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_LoansPayableToBankCurrent"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableTradeCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableTradeCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_AccountsPayableTradeCurrent"
      order="2"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_DueToRelatedPartiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_DueToRelatedPartiesCurrent"
      order="3"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableOtherCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableOtherCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_AccountsPayableOtherCurrent"
      order="4"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccruedLiabilitiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_AccruedLiabilitiesCurrent"
      order="5"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_DerivativeLiabilitiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeLiabilitiesCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_DerivativeLiabilitiesCurrent"
      order="6"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_DeferredRevenueCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredRevenueCurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesCurrent"
      xlink:to="us-gaap_DeferredRevenueCurrent"
      order="7"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_LongTermLoansFromBank"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermLoansFromBank" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LongTermLoansFromBank"
      order="2"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_OtherLiabilitiesNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_OtherLiabilitiesNoncurrent"
      order="3"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_StockholdersEquity"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_LiabilitiesAndStockholdersEquity"
      xlink:to="us-gaap_StockholdersEquity"
      order="2"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_PreferredStockValue"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_StockholdersEquity"
      xlink:to="us-gaap_PreferredStockValue"
      order="1"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_CommonStockValue"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_StockholdersEquity"
      xlink:to="us-gaap_CommonStockValue"
      order="2"
      weight="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" />
    <calculationArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
      xlink:from="us-gaap_StockholdersEquity"
      xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock"
      order="3"
      weight="1"
      use="optional" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>19
<FILENAME>sblk-20121231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
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Taxonomy Definition Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 08:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2013 UBmatrix inc., All Rights Reserved
Produced on 2013-03-19 23:17:44
-->
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      xlink:href="sblk-20121231.xsd#sblk_StarEpsilonAndStarKappaMember" />
    <definitionArc xlink:type="arc"
      xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member"
      xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain"
      xlink:to="sblk_StarEpsilonAndStarKappaMember"
      order="1"
      use="optional" />
    <loc xlink:type="locator"
      xlink:label="sblk_StarGammaAndStarCosmoMember"
      xlink:href="sblk-20121231.xsd#sblk_StarGammaAndStarCosmoMember" />
    <definitionArc xlink:type="arc"
      xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member"
      xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain"
      xlink:to="sblk_StarGammaAndStarCosmoMember"
      order="2"
      use="optional" />
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>20
<FILENAME>sblk-20121231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--
Taxonomy Label Links linkbase based on XBRL standard Version 2.1.
Created by UBmatrix Taxonomy Designer 3.0.2.2383 (2008-08-05 08:43).
Contact www.ubmatrix.com
Copyright (c) 2002-2013 UBmatrix inc., All Rights Reserved
Produced on 2013-03-19 23:17:44
-->
<linkbase
  xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="
    http://www.xbrl.org/2003/linkbase
      http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd
    ">
  <roleRef xlink:type="simple"
    xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"
    roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
  <roleRef xlink:type="simple"
    xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"
    roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
  <roleRef xlink:type="simple"
    xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"
    roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
  <labelLink xlink:type="extended"
    xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator"
      xlink:label="dei_AmendmentDescription"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentDescription" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_AmendmentDescription"
      xlink:to="dei_AmendmentDescription_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_AmendmentDescription_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amendment Description</label>
    <loc xlink:type="locator"
      xlink:label="dei_AmendmentFlag"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</label>
    <loc xlink:type="locator"
      xlink:label="dei_CurrentFiscalYearEndDate"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_CurrentFiscalYearEndDate"
      xlink:to="dei_CurrentFiscalYearEndDate_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_CurrentFiscalYearEndDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</label>
    <loc xlink:type="locator"
      xlink:label="dei_DocumentFiscalPeriodFocus"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_DocumentFiscalPeriodFocus"
      xlink:to="dei_DocumentFiscalPeriodFocus_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_DocumentFiscalPeriodFocus_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Period Focus</label>
    <loc xlink:type="locator"
      xlink:label="dei_DocumentFiscalYearFocus"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_DocumentFiscalYearFocus"
      xlink:to="dei_DocumentFiscalYearFocus_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_DocumentFiscalYearFocus_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Year Focus</label>
    <loc xlink:type="locator"
      xlink:label="dei_DocumentPeriodEndDate"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_DocumentPeriodEndDate"
      xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_DocumentPeriodEndDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</label>
    <loc xlink:type="locator"
      xlink:label="dei_DocumentType"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_DocumentType_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Document Type</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityCentralIndexKey"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityCentralIndexKey"
      xlink:to="dei_EntityCentralIndexKey_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityCentralIndexKey_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityCommonStockSharesOutstanding"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityCommonStockSharesOutstanding"
      xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityCommonStockSharesOutstanding_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Common Stock Shares Outstanding</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityCurrentReportingStatus"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityCurrentReportingStatus"
      xlink:to="dei_EntityCurrentReportingStatus_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityCurrentReportingStatus_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Current Reporting Status</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityFilerCategory"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityFilerCategory_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityRegistrantName"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityRegistrantName"
      xlink:to="dei_EntityRegistrantName_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityRegistrantName_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Enity Registrant Name</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityVoluntaryFilers"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityVoluntaryFilers"
      xlink:to="dei_EntityVoluntaryFilers_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityVoluntaryFilers_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Voluntary Filers</label>
    <loc xlink:type="locator"
      xlink:label="dei_EntityWellKnownSeasonedIssuer"
      xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="dei_EntityWellKnownSeasonedIssuer"
      xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" />
    <label xlink:type="resource"
      xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Entity Well Known Seasoned Issuer</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AbnAmroBankMember"
      xlink:href="sblk-20121231.xsd#sblk_AbnAmroBankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AbnAmroBankMember" xlink:to="sblk_AbnAmroBankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AbnAmroBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The bank ABN Amro Bank N.V.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AbnAmroBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Abn Amro Bank [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AbnAmroBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">ABN Amro Bank N.V. (Loan agreement dated June 22, 2011)</label>
    <label xlink:type="resource"
      xlink:label="sblk_AbnAmroBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">ABN Amro Bank N.V.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccountReceivableNetCurrentTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_AccountReceivableNetCurrentTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccountReceivableNetCurrentTextBlock"
      xlink:to="sblk_AccountReceivableNetCurrentTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccountReceivableNetCurrentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for the accounts receivable, net of allowances.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccountReceivableNetCurrentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Account Receivable Net Current [Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccountReceivableNetCurrentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trade Accounts Receivable, Net</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccruedGeneralAndAdministrativeExpenses"
      xlink:href="sblk-20121231.xsd#sblk_AccruedGeneralAndAdministrativeExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccruedGeneralAndAdministrativeExpenses"
      xlink:to="sblk_AccruedGeneralAndAdministrativeExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccruedGeneralAndAdministrativeExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value as of the balance sheet date of obligations incurred through that date and payable for general and administrative expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedGeneralAndAdministrativeExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued General And Administrative Expenses</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedGeneralAndAdministrativeExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and administrative expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccruedLoanInterestAndFinancingFees"
      xlink:href="sblk-20121231.xsd#sblk_AccruedLoanInterestAndFinancingFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccruedLoanInterestAndFinancingFees"
      xlink:to="sblk_AccruedLoanInterestAndFinancingFees_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccruedLoanInterestAndFinancingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value as of the balance sheet date of obligations incurred through that date and payable for loan interest and financing fees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedLoanInterestAndFinancingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Loan Interest And Financing Fees</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedLoanInterestAndFinancingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan interest and financing fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccruedOperatingAndVoyageExpenses"
      xlink:href="sblk-20121231.xsd#sblk_AccruedOperatingAndVoyageExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccruedOperatingAndVoyageExpenses"
      xlink:to="sblk_AccruedOperatingAndVoyageExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccruedOperatingAndVoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value as of the balance sheet date of obligations incurred through that date and payable for operating and voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedOperatingAndVoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Operating And Voyage Expenses</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedOperatingAndVoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating and voyage expenses</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedOperatingAndVoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessel Operating and voyage expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccruedProfessionalFeesOtherCurrent"
      xlink:href="sblk-20121231.xsd#sblk_AccruedProfessionalFeesOtherCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccruedProfessionalFeesOtherCurrent"
      xlink:to="sblk_AccruedProfessionalFeesOtherCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccruedProfessionalFeesOtherCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value as of the balance sheet date of obligations incurred through that date and payable for other professional fees, excluding legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedProfessionalFeesOtherCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accrued Professional Fees Other Current</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccruedProfessionalFeesOtherCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other professional fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
      xlink:to="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The accumulated amortization of the asset arising from the market value of the time charter assumed from a vessel acquisiton.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Amortization Of Fair Value Of Above Market Acquired Time Charter</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated amortization as of December 31, 2009</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter"
      xlink:to="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The accumulated amortization of the liability arising from the market value of the time charter assumed from a vessel acquisiton.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accumulated Amortization Of Fair Value Of Bellow Market Acquired Time Charter</label>
    <label xlink:type="resource"
      xlink:label="sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated amortization as of December 31, 2009</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AdditionsToVesselCostAndOtherFixedAssets"
      xlink:href="sblk-20121231.xsd#sblk_AdditionsToVesselCostAndOtherFixedAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AdditionsToVesselCostAndOtherFixedAssets"
      xlink:to="sblk_AdditionsToVesselCostAndOtherFixedAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AdditionsToVesselCostAndOtherFixedAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow for additions to vessel cost and other fixed assets.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdditionsToVesselCostAndOtherFixedAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Additions To Vessel Cost And Other Fixed Assets</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdditionsToVesselCostAndOtherFixedAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Additions to vessel cost and other fixed assets</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AddressCommissionPercentage"
      xlink:href="sblk-20121231.xsd#sblk_AddressCommissionPercentage" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AddressCommissionPercentage"
      xlink:to="sblk_AddressCommissionPercentage_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AddressCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Commission payable by the shipowner to the charterer, expressed as a percentage of the freight or hire.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AddressCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Address Commission Percentage</label>
    <label xlink:type="resource"
      xlink:label="sblk_AddressCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Address commission</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AddressCommission"
      xlink:href="sblk-20121231.xsd#sblk_AddressCommission" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AddressCommission" xlink:to="sblk_AddressCommission_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AddressCommission_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Commission payable by the shipowner to the charterer.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AddressCommission_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Address Commission</label>
    <label xlink:type="resource"
      xlink:label="sblk_AddressCommission_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Address commission</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets"
      xlink:href="sblk-20121231.xsd#sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets"
      xlink:to="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow for advances for vessels acquisitions and vessels under construction.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Under Construction And Acquisition Of Vessels And Other Assets</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Advances for vessels acquisitions</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionAndAcquisitionOfVesselsAndOtherAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel">Advances for vessels under construction and acquisition of vessels and other assets</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock"
      xlink:to="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for advances for vessels under construction.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Advances For Vessels Under Construction Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Advances for vessels under construction</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AfterReverseStockSplitAdjustmentMember"
      xlink:href="sblk-20121231.xsd#sblk_AfterReverseStockSplitAdjustmentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AfterReverseStockSplitAdjustmentMember"
      xlink:to="sblk_AfterReverseStockSplitAdjustmentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AfterReverseStockSplitAdjustmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amounts after the reverse stock split adjustments.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AfterReverseStockSplitAdjustmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">After Reverse Stock Split Adjustment [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_AfterReverseStockSplitAdjustmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">After Reverse Stock Split adjustment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Amendment1Member"
      xlink:href="sblk-20121231.xsd#sblk_Amendment1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Amendment1Member" xlink:to="sblk_Amendment1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Amendment1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The first amendment / supplemental agreement.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Amendment1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amendment 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Amendment1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">First Amendment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Amendment2Member"
      xlink:href="sblk-20121231.xsd#sblk_Amendment2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Amendment2Member" xlink:to="sblk_Amendment2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Amendment2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The second amendment / supplemental agreement.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Amendment2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amendment 2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Amendment2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Second Amendment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter"
      xlink:to="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amortization of the asset arising from the market value of the time charter assumed from a vessel acquisition.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amortization Of Fair Value Of Above Market Acquired Time Charter</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amortization of fair value of above market acquired time charters (Note 6)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet"
      xlink:href="sblk-20121231.xsd#sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet"
      xlink:to="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amortization of the liability arising from the market value of the time charter assumed from a vessel acquisition, net of amounts written off due to early charter agreement terminations.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amortization Of Fair Value Of Below Market Acquired Time Charter Net</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Amortization of fair value of below market acquired time charters (Note 6)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter"
      xlink:to="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amortization of the liability arising from the market value of the time charter assumed from a vessel acquisition.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Amortization Of Fair Value Of Below Market Acquired Time Charter</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amortization</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amortization of fair value of below market acquired time charters</label>
    <label xlink:type="resource"
      xlink:label="sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Amortization of fair value of below market acquired time charters</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AnnualConsultingFees"
      xlink:href="sblk-20121231.xsd#sblk_AnnualConsultingFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AnnualConsultingFees"
      xlink:to="sblk_AnnualConsultingFees_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AnnualConsultingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The annual consulting fees according to contract terms.</label>
    <label xlink:type="resource"
      xlink:label="sblk_AnnualConsultingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Annual Consulting Fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_AuditFees"
      xlink:href="sblk-20121231.xsd#sblk_AuditFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_AuditFees" xlink:to="sblk_AuditFees_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_AuditFees_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value as of the balance sheet date of obligations incurred through that date and payable for  accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
    <label xlink:type="resource"
      xlink:label="sblk_AuditFees_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Audit Fees</label>
    <label xlink:type="resource"
      xlink:label="sblk_AuditFees_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Audit fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BhatiaInternationalLtdMember"
      xlink:href="sblk-20121231.xsd#sblk_BhatiaInternationalLtdMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BhatiaInternationalLtdMember"
      xlink:to="sblk_BhatiaInternationalLtdMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BhatiaInternationalLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bhatia International Ltd [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BhatiaInternationalLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bhatia International Ltd.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BoardOfDirectorsMember"
      xlink:href="sblk-20121231.xsd#sblk_BoardOfDirectorsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BoardOfDirectorsMember"
      xlink:to="sblk_BoardOfDirectorsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BoardOfDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The Board of Directors of the Company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_BoardOfDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Board Of Directors [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BoardOfDirectorsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Board of Directors</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BrokerageCommissionPercentage"
      xlink:href="sblk-20121231.xsd#sblk_BrokerageCommissionPercentage" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BrokerageCommissionPercentage"
      xlink:to="sblk_BrokerageCommissionPercentage_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BrokerageCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The commission charged by brokers, as a percentage of the agreed price.</label>
    <label xlink:type="resource"
      xlink:label="sblk_BrokerageCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Brokerage Commission Percentage</label>
    <label xlink:type="resource"
      xlink:label="sblk_BrokerageCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Brokerage commission</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BunkerContractsMember"
      xlink:href="sblk-20121231.xsd#sblk_BunkerContractsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BunkerContractsMember"
      xlink:to="sblk_BunkerContractsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BunkerContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The bunker contracts derivatives.</label>
    <label xlink:type="resource"
      xlink:label="sblk_BunkerContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bunker Contracts [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_BunkerContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bunker Contracts</label>
    <label xlink:type="resource"
      xlink:label="sblk_BunkerContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Bunker Derivatives</label>
    <loc xlink:type="locator"
      xlink:label="sblk_BunkerInventoryCurrent"
      xlink:href="sblk-20121231.xsd#sblk_BunkerInventoryCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_BunkerInventoryCurrent"
      xlink:to="sblk_BunkerInventoryCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_BunkerInventoryCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying amount as of the balance sheet date of bunker's inventory.</label>
    <label xlink:type="resource"
      xlink:label="sblk_BunkerInventoryCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bunker Inventory Current</label>
    <label xlink:type="resource"
      xlink:label="sblk_BunkerInventoryCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bunkers</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CashCollateralForPollutionRelease"
      xlink:href="sblk-20121231.xsd#sblk_CashCollateralForPollutionRelease" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CashCollateralForPollutionRelease"
      xlink:to="sblk_CashCollateralForPollutionRelease_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPollutionRelease_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash collateral for environmental polution released after being covered by Protection and Idemnity (P&amp;I) Club insurance.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPollutionRelease_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cash Collateral For Pollution Release</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPollutionRelease_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Release of cash collateral for polution</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CashCollateralForPollution"
      xlink:href="sblk-20121231.xsd#sblk_CashCollateralForPollution" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CashCollateralForPollution"
      xlink:to="sblk_CashCollateralForPollution_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPollution_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash collateral for environmental polution.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPollution_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cash Collateral For Pollution</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPollution_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash collateral for pollution</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CashCollateralForPolutionRelease"
      xlink:href="sblk-20121231.xsd#sblk_CashCollateralForPolutionRelease" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CashCollateralForPolutionRelease"
      xlink:to="sblk_CashCollateralForPolutionRelease_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPolutionRelease_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash collateral for environmental pollution released after being covered by the Protection and Indemnity (P&amp;I) Club Insurance.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPolutionRelease_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cash Collateral For Polution Release</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CashCollateralForPolution"
      xlink:href="sblk-20121231.xsd#sblk_CashCollateralForPolution" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CashCollateralForPolution"
      xlink:to="sblk_CashCollateralForPolution_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPolution_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Cash collateral for environmental pollution.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashCollateralForPolution_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cash Collateral For Polution</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CashConsideration"
      xlink:href="sblk-20121231.xsd#sblk_CashConsideration" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CashConsideration" xlink:to="sblk_CashConsideration_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CashConsideration_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element represents the cash consideration for purchase of vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashConsideration_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cash Consideration</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashConsideration_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Price paid in cash for vessel acquisition</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold"
      xlink:href="sblk-20121231.xsd#sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold"
      xlink:to="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash received for selling an interest in the future proceeds, related to the settlement of certain of the commercial claims of the company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cash Received For Percentage On Future Commercial Claim Settlement Proceeds Sold</label>
    <label xlink:type="resource"
      xlink:label="sblk_CashReceivedForPercentageOnFutureCommercialClaimSettlementProceedsSold_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash received</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CertainDirectorsOfficersEmployeesMember"
      xlink:href="sblk-20121231.xsd#sblk_CertainDirectorsOfficersEmployeesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CertainDirectorsOfficersEmployeesMember"
      xlink:to="sblk_CertainDirectorsOfficersEmployeesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CertainDirectorsOfficersEmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Certain Directors Officers Employees [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CertainDirectorsOfficersEmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Certain directors, officers, employees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CharteredInVesselExpenses"
      xlink:href="sblk-20121231.xsd#sblk_CharteredInVesselExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CharteredInVesselExpenses"
      xlink:to="sblk_CharteredInVesselExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CharteredInVesselExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Chartered In Vessel Expenses</label>
    <label xlink:type="resource"
      xlink:label="sblk_CharteredInVesselExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Chartered-in vessel expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer1Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer1Member" xlink:to="sblk_Charterer1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer A, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer A</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer2Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer2Member" xlink:to="sblk_Charterer2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer B, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer B</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer3Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer3Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer3Member" xlink:to="sblk_Charterer3Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer3Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer C, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer3Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 3 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer3Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer C</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer4Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer4Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer4Member" xlink:to="sblk_Charterer4Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer4Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer D, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer4Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 4 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer4Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer D</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer5Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer5Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer5Member" xlink:to="sblk_Charterer5Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer5Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer E, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer5Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 5 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer5Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer E</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer6Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer6Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer6Member" xlink:to="sblk_Charterer6Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer6Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer F, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer6Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 6 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer6Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer F</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer7Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer7Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer7Member" xlink:to="sblk_Charterer7Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer7Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer G, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer7Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 7 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer7Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer G</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Charterer8Member"
      xlink:href="sblk-20121231.xsd#sblk_Charterer8Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Charterer8Member" xlink:to="sblk_Charterer8Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Charterer8Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Charterer H, accounting for more than 10% of the Company's voyage revenues.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer8Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Charterer 8 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Charterer8Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charterer H</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1"
      xlink:href="sblk-20121231.xsd#sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1"
      xlink:to="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The exercise price of each class of warrants or rights outstanding.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1</label>
    <label xlink:type="resource"
      xlink:label="sblk_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Exercise price of warrant</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ClassOfWarrantOrRightsExercised"
      xlink:href="sblk-20121231.xsd#sblk_ClassOfWarrantOrRightsExercised" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ClassOfWarrantOrRightsExercised"
      xlink:to="sblk_ClassOfWarrantOrRightsExercised_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ClassOfWarrantOrRightsExercised_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of each class of warrants or rights exercised until (upon) expiration.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ClassOfWarrantOrRightsExercised_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Class Of Warrant Or Rights Exercised</label>
    <label xlink:type="resource"
      xlink:label="sblk_ClassOfWarrantOrRightsExercised_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of warrants exercised</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CombineMarineIncMember"
      xlink:href="sblk-20121231.xsd#sblk_CombineMarineIncMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CombineMarineIncMember"
      xlink:to="sblk_CombineMarineIncMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineIncMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company Combine Marine Inc.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineIncMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Combine Marine Inc [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineIncMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Combine Marine Inc (c)</label>
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineIncMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Combine Marine Inc.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CombineMarineLtdMember"
      xlink:href="sblk-20121231.xsd#sblk_CombineMarineLtdMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CombineMarineLtdMember"
      xlink:to="sblk_CombineMarineLtdMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company Combine Marine Ltd.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Combine Marine Ltd [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Combine Marine Ltd. (d)</label>
    <label xlink:type="resource"
      xlink:label="sblk_CombineMarineLtdMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Combine Marine Ltd.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommercialClaim1Member"
      xlink:href="sblk-20121231.xsd#sblk_CommercialClaim1Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommercialClaim1Member"
      xlink:to="sblk_CommercialClaim1Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaim1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Company's commercial claims.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaim1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commercial Claim 1 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaim1Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial Claim</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommercialClaimMember"
      xlink:href="sblk-20121231.xsd#sblk_CommercialClaimMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommercialClaimMember"
      xlink:to="sblk_CommercialClaimMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Company's commercial claims.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commercial Claim [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commercial Claim</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommercialClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Several commercial claims</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommerzbankAg2Member"
      xlink:href="sblk-20121231.xsd#sblk_CommerzbankAg2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommerzbankAg2Member"
      xlink:to="sblk_CommerzbankAg2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAg2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The bank Commerzbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAg2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commerzbank Ag 2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAg2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commerzbank AG $26,000 facility</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAg2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Commerzbank AG (Loan agreement dated September 3, 2010)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommerzbankAgAggregateFacilityMember"
      xlink:href="sblk-20121231.xsd#sblk_CommerzbankAgAggregateFacilityMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommerzbankAgAggregateFacilityMember"
      xlink:to="sblk_CommerzbankAgAggregateFacilityMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgAggregateFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The aggregate of Commerzbank AG $120,000 and $26,000 credit facilities</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgAggregateFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commerzbank Ag Aggregate Facility [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgAggregateFacilityMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commerzbank AG Aggregate Facility</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommerzbankAgMember"
      xlink:href="sblk-20121231.xsd#sblk_CommerzbankAgMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommerzbankAgMember"
      xlink:to="sblk_CommerzbankAgMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The bank Commerzbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Commerzbank AG $120,000 facility</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commerzbank Ag [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commerzbank AG (Loan agreement dated December 27, 2007)</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommerzbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Commerzbank AG</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommisionsOnSaleOfAssets"
      xlink:href="sblk-20121231.xsd#sblk_CommisionsOnSaleOfAssets" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommisionsOnSaleOfAssets"
      xlink:to="sblk_CommisionsOnSaleOfAssets_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnSaleOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Commisions on sale of assets.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnSaleOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Sale related costs</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnSaleOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Commisions On Sale Of Assets</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnSaleOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commision on sale of vessel - Oceanbulk (e)</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommisionsOnSaleOfAssets_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Commision on sale of vessel</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CommonStockParentheticalsMember"
      xlink:href="sblk-20121231.xsd#sblk_CommonStockParentheticalsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CommonStockParentheticalsMember"
      xlink:to="sblk_CommonStockParentheticalsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CommonStockParentheticalsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Common stock represents the most subordinated ownership interest in a corporation.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommonStockParentheticalsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Parentheticals Member</label>
    <label xlink:type="resource"
      xlink:label="sblk_CommonStockParentheticalsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CostForEarlyDeliveryCapitalized"
      xlink:href="sblk-20121231.xsd#sblk_CostForEarlyDeliveryCapitalized" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CostForEarlyDeliveryCapitalized"
      xlink:to="sblk_CostForEarlyDeliveryCapitalized_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CostForEarlyDeliveryCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amount paid and capitalized by the company for the early delivery of the vessel, as per the Memorandum of Agreement terms.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CostForEarlyDeliveryCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cost For Early Delivery Capitalized</label>
    <loc xlink:type="locator"
      xlink:label="sblk_CreditAgricoleCorporateAndInvestmentBankMember"
      xlink:href="sblk-20121231.xsd#sblk_CreditAgricoleCorporateAndInvestmentBankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_CreditAgricoleCorporateAndInvestmentBankMember"
      xlink:to="sblk_CreditAgricoleCorporateAndInvestmentBankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_CreditAgricoleCorporateAndInvestmentBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The bank Credit Agricole Corporate and Investment Bank.</label>
    <label xlink:type="resource"
      xlink:label="sblk_CreditAgricoleCorporateAndInvestmentBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Credit Agricole Corporate And Investment Bank [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_CreditAgricoleCorporateAndInvestmentBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Credit Agricole Corporate and Investment Bank (Loan agreement dated January 20, 2011)</label>
    <label xlink:type="resource"
      xlink:label="sblk_CreditAgricoleCorporateAndInvestmentBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Credit Agricole Corporate and Investment Bank</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DailyManagementFee"
      xlink:href="sblk-20121231.xsd#sblk_DailyManagementFee" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DailyManagementFee" xlink:to="sblk_DailyManagementFee_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DailyManagementFee_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The fee rate charged daily, persuant to the management agreement.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DailyManagementFee_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Daily Management Fee</label>
    <label xlink:type="resource"
      xlink:label="sblk_DailyManagementFee_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Daily fixed management fee</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DateOfAgreement"
      xlink:href="sblk-20121231.xsd#sblk_DateOfAgreement" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DateOfAgreement" xlink:to="sblk_DateOfAgreement_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DateOfAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The date the agreement was reached.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DateOfAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Date Of Agreement</label>
    <label xlink:type="resource"
      xlink:label="sblk_DateOfAgreement_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Agreement date</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRate1"
      xlink:href="sblk-20121231.xsd#sblk_DebtInstrumentBasisSpreadOnVariableRate1" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DebtInstrumentBasisSpreadOnVariableRate1"
      xlink:to="sblk_DebtInstrumentBasisSpreadOnVariableRate1_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRate1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage points added to the reference rate to compute the variable rate on the debt instrument.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRate1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Basis Spread On Variable Rate 1</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRate1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan interest rate margin</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment"
      xlink:href="sblk-20121231.xsd#sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment"
      xlink:to="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage points added to the reference rate to compute the variable rate on the debt instrument under the amendment.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Basis Spread On Variable Rate Under Amendment</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan margin under the amendment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DebtRestructuringCostPercentage"
      xlink:href="sblk-20121231.xsd#sblk_DebtRestructuringCostPercentage" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DebtRestructuringCostPercentage"
      xlink:to="sblk_DebtRestructuringCostPercentage_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DebtRestructuringCostPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cost incurred in the modification of term of existing debt agreement in order for the entity to achieve some advantage, as a percentage of the (combined) outstanding loan amount.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtRestructuringCostPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Debt Restructuring Cost Percentage</label>
    <label xlink:type="resource"
      xlink:label="sblk_DebtRestructuringCostPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Processing fee percentage on outstanding loan amount</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DecreaseInRestrictedCash"
      xlink:href="sblk-20121231.xsd#sblk_DecreaseInRestrictedCash" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DecreaseInRestrictedCash"
      xlink:to="sblk_DecreaseInRestrictedCash_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash inflow for the change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Decrease In Restricted Cash</label>
    <label xlink:type="resource"
      xlink:label="sblk_DecreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Decrease in restricted cash</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DocumentAndEntityInformationAbstract"
      xlink:href="sblk-20121231.xsd#sblk_DocumentAndEntityInformationAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DocumentAndEntityInformationAbstract"
      xlink:to="sblk_DocumentAndEntityInformationAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DocumentAndEntityInformationAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Document And Entity Information [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DryDockingCostCapitalized"
      xlink:href="sblk-20121231.xsd#sblk_DryDockingCostCapitalized" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DryDockingCostCapitalized"
      xlink:to="sblk_DryDockingCostCapitalized_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DryDockingCostCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The dry-docking expense incurred before the acquisition date and capitalized.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DryDockingCostCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dry Docking Cost Capitalized</label>
    <label xlink:type="resource"
      xlink:label="sblk_DryDockingCostCapitalized_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dry-docking expenses capitalized</label>
    <loc xlink:type="locator"
      xlink:label="sblk_DryDockingCostsPolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_DryDockingCostsPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_DryDockingCostsPolicyTextBlock"
      xlink:to="sblk_DryDockingCostsPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_DryDockingCostsPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for dry docking costs.</label>
    <label xlink:type="resource"
      xlink:label="sblk_DryDockingCostsPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Dry Docking Costs Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_DryDockingCostsPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dry-docking and special survey expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EmployeesMember"
      xlink:href="sblk-20121231.xsd#sblk_EmployeesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EmployeesMember" xlink:to="sblk_EmployeesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The employees of the Company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_EmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Employees [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_EmployeesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EnityWideRevenueMajorCustomerDomain"
      xlink:href="sblk-20121231.xsd#sblk_EnityWideRevenueMajorCustomerDomain" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EnityWideRevenueMajorCustomerDomain"
      xlink:to="sblk_EnityWideRevenueMajorCustomerDomain_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EnityWideRevenueMajorCustomerDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Enity Wide Revenue Major Customer [Domain]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EquityIncentivePlan2007Member"
      xlink:href="sblk-20121231.xsd#sblk_EquityIncentivePlan2007Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EquityIncentivePlan2007Member"
      xlink:to="sblk_EquityIncentivePlan2007Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2007Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The Equity Incentive Plan of 2007.</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2007Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan 2007 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2007Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Incentive Plan 2007</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EquityIncentivePlan2010Member"
      xlink:href="sblk-20121231.xsd#sblk_EquityIncentivePlan2010Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EquityIncentivePlan2010Member"
      xlink:to="sblk_EquityIncentivePlan2010Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2010Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The Equity Incentive Plan of 2010.</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2010Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan 2010 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2010Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Incentive Plan 2010</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EquityIncentivePlan2011Member"
      xlink:href="sblk-20121231.xsd#sblk_EquityIncentivePlan2011Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EquityIncentivePlan2011Member"
      xlink:to="sblk_EquityIncentivePlan2011Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2011Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The Equity Incentive Plan of 2011.</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2011Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan 2011 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityIncentivePlan2011Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Incentive Plan 2011</label>
    <loc xlink:type="locator"
      xlink:label="sblk_EquityRaisingUndertaking"
      xlink:href="sblk-20121231.xsd#sblk_EquityRaisingUndertaking" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_EquityRaisingUndertaking"
      xlink:to="sblk_EquityRaisingUndertaking_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_EquityRaisingUndertaking_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The new equity amount undertaken to be raised by the Company under the loan amendment by the date specified.</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityRaisingUndertaking_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Equity Raising Undertaking</label>
    <label xlink:type="resource"
      xlink:label="sblk_EquityRaisingUndertaking_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity increase</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock"
      xlink:to="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for above and below market acquired time charters. This accounting policy also might address: (1) the amortization method used; (2) the useful lives; and (3) how the entity assesses and measures the fair values of such assets/liabilities.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Below Market Acquired Time Charter [Policy Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of above/below market acquired time charter</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract"
      xlink:to="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Below Market Acquired Time Charters And Gain Loss On Time Charter Agreement Termination [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock"
      xlink:to="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for the asset or liability arising from the market value of the time charter assumed from a vessel acquisition or redelivery upon a time charter agreement termination and the gain/loss arising from time charter agreement termination.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Below Market Acquired Time Charters And Gain Loss On Time Charter Agreement Termination Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock"
      xlink:to="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The fair value of the time charters acquired at below/above fair market charter rates on the acquisition of the vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Below Market Acquired Time Charters [Table Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of above/below market acquired time charters</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveMarketAcquiredTimeCharterGross" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross"
      xlink:to="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The asset arising from the market value of the time charter contract assumed from a vessel acquisition.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Market Acquired Time Charter Gross</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharterGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of above market acquired time charter</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfAboveMarketAcquiredTimeCharter" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfAboveMarketAcquiredTimeCharter"
      xlink:to="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The asset arising from the market value of the time charter contract assumed from a vessel acquisition.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at end of year</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at beginning of year</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Above Market Acquired Time Charter</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of above market acquired time charter (Note 6)</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfAboveMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Balance</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfBelowMarketAcquiredTimeCharterGross" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross"
      xlink:to="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The liability arising from the market value of the time charter assumed from a vessel acquisition.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Below Market Acquired Time Charter Gross</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharterGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of below market acquired time charter</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharter"
      xlink:href="sblk-20121231.xsd#sblk_FairValueOfBelowMarketAcquiredTimeCharter" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FairValueOfBelowMarketAcquiredTimeCharter"
      xlink:to="sblk_FairValueOfBelowMarketAcquiredTimeCharter_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The liability arising from the market value of the time charter assumed from a vessel acquisition, net of accumulated amortization.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Balance at end of year</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Balance at beginning of year</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Of Below Market Acquired Time Charter</label>
    <label xlink:type="resource"
      xlink:label="sblk_FairValueOfBelowMarketAcquiredTimeCharter_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Balance</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FiniteLivedIntangibleLiabilitiesNetAbstract"
      xlink:href="sblk-20121231.xsd#sblk_FiniteLivedIntangibleLiabilitiesNetAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FiniteLivedIntangibleLiabilitiesNetAbstract"
      xlink:to="sblk_FiniteLivedIntangibleLiabilitiesNetAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FiniteLivedIntangibleLiabilitiesNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Finite Lived Intangible Liabilities Net [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FiniteLivedIntangibleLiabilitiesNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of below market acquired time charter</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FormerCeoAndCfoMember"
      xlink:href="sblk-20121231.xsd#sblk_FormerCeoAndCfoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FormerCeoAndCfoMember"
      xlink:to="sblk_FormerCeoAndCfoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FormerCeoAndCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The former CEO and CFO of the company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCeoAndCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Former Ceo And Cfo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCeoAndCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Former CEO and former CFO</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FormerCeoMember"
      xlink:href="sblk-20121231.xsd#sblk_FormerCeoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FormerCeoMember" xlink:to="sblk_FormerCeoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FormerCeoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The former Chief Executive Officer of the company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCeoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Former Ceo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCeoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Former CEO</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FormerCfo2Member"
      xlink:href="sblk-20121231.xsd#sblk_FormerCfo2Member" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FormerCfo2Member" xlink:to="sblk_FormerCfo2Member_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfo2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The second trance of shares granted to the former Chief Financial Officer of the company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfo2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Former Cfo 2 [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfo2Member_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Former CFO - 2nd Trance</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FormerCfoMember"
      xlink:href="sblk-20121231.xsd#sblk_FormerCfoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FormerCfoMember" xlink:to="sblk_FormerCfoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The former Chief Financial Officer of the company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Former Cfo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Former CFO</label>
    <label xlink:type="resource"
      xlink:label="sblk_FormerCfoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Former CFO - 1st Trance</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FreightAndBunkerContractsMember"
      xlink:href="sblk-20121231.xsd#sblk_FreightAndBunkerContractsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FreightAndBunkerContractsMember"
      xlink:to="sblk_FreightAndBunkerContractsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FreightAndBunkerContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Freight And Bunker Contracts [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FreightAndBunkerContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Freight and Bunker Derivatives</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FreightContractsMember"
      xlink:href="sblk-20121231.xsd#sblk_FreightContractsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FreightContractsMember"
      xlink:to="sblk_FreightContractsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FreightContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The freight contracts derivatives.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FreightContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Freight Contracts [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_FreightContractsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Freight Derivatives</label>
    <loc xlink:type="locator"
      xlink:label="sblk_FuelQuantity"
      xlink:href="sblk-20121231.xsd#sblk_FuelQuantity" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_FuelQuantity" xlink:to="sblk_FuelQuantity_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_FuelQuantity_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The quantity of oil fuel that was delivered with the delivery of the vessel, in metric tons.</label>
    <label xlink:type="resource"
      xlink:label="sblk_FuelQuantity_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Fuel Quantity</label>
    <label xlink:type="resource"
      xlink:label="sblk_FuelQuantity_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Metric tons of fuel oil</label>
    <loc xlink:type="locator"
      xlink:label="sblk_GainFromInsuranceClaim"
      xlink:href="sblk-20121231.xsd#sblk_GainFromInsuranceClaim" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_GainFromInsuranceClaim"
      xlink:to="sblk_GainFromInsuranceClaim_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_GainFromInsuranceClaim_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element represents the gain arising from insurance claims.</label>
    <label xlink:type="resource"
      xlink:label="sblk_GainFromInsuranceClaim_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain from insurance claim</label>
    <label xlink:type="resource"
      xlink:label="sblk_GainFromInsuranceClaim_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain from insurance claim</label>
    <loc xlink:type="locator"
      xlink:label="sblk_GainOnTimeCharterAgreementTermination"
      xlink:href="sblk-20121231.xsd#sblk_GainOnTimeCharterAgreementTermination" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_GainOnTimeCharterAgreementTermination"
      xlink:to="sblk_GainOnTimeCharterAgreementTermination_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_GainOnTimeCharterAgreementTermination_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The gain recognized on termination of a contract.</label>
    <label xlink:type="resource"
      xlink:label="sblk_GainOnTimeCharterAgreementTermination_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gain On Time Charter Agreement Termination</label>
    <label xlink:type="resource"
      xlink:label="sblk_GainOnTimeCharterAgreementTermination_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain on time charter agreement termination</label>
    <label xlink:type="resource"
      xlink:label="sblk_GainOnTimeCharterAgreementTermination_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain on time charter agreement termination (Note 6)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_GrossDailyCharterRate"
      xlink:href="sblk-20121231.xsd#sblk_GrossDailyCharterRate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_GrossDailyCharterRate"
      xlink:to="sblk_GrossDailyCharterRate_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_GrossDailyCharterRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The gross daily charter rate.</label>
    <label xlink:type="resource"
      xlink:label="sblk_GrossDailyCharterRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Gross Daily Charter Rate</label>
    <label xlink:type="resource"
      xlink:label="sblk_GrossDailyCharterRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gross daily charter rate</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankAgMember"
      xlink:href="sblk-20121231.xsd#sblk_HshNordbankAgMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HshNordbankAgMember"
      xlink:to="sblk_HshNordbankAgMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The bank HSH Nordbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Ag [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG (Loan agreement dated October 3, 2011)</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankAgMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">HSH Nordbank AG</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankCapesizeTrancheMember"
      xlink:href="sblk-20121231.xsd#sblk_HshNordbankCapesizeTrancheMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HshNordbankCapesizeTrancheMember"
      xlink:to="sblk_HshNordbankCapesizeTrancheMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankCapesizeTrancheMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The tranche received to finance Capesize vessels from the bank HSH Nordbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankCapesizeTrancheMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Capesize Tranche [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankCapesizeTrancheMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG - Capesize tranche</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankSupramaxTrancheBalloonMember"
      xlink:href="sblk-20121231.xsd#sblk_HshNordbankSupramaxTrancheBalloonMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HshNordbankSupramaxTrancheBalloonMember"
      xlink:to="sblk_HshNordbankSupramaxTrancheBalloonMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheBalloonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The balloon payment due to the bank HSH Nordbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheBalloonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Supramax Tranche Balloon [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheBalloonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG Supramax Tranche - Balloon payment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankSupramaxTrancheInstallmentsMember"
      xlink:href="sblk-20121231.xsd#sblk_HshNordbankSupramaxTrancheInstallmentsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HshNordbankSupramaxTrancheInstallmentsMember"
      xlink:to="sblk_HshNordbankSupramaxTrancheInstallmentsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheInstallmentsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The future installments regarding the bank HSH Nordbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheInstallmentsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Supramax Tranche Installments [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheInstallmentsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG Supramax Tranche - Installments</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HshNordbankSupramaxTrancheMember"
      xlink:href="sblk-20121231.xsd#sblk_HshNordbankSupramaxTrancheMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HshNordbankSupramaxTrancheMember"
      xlink:to="sblk_HshNordbankSupramaxTrancheMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The tranche received to finance Supramax vessels from the bank HSH Nordbank AG.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hsh Nordbank Supramax Tranche [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HshNordbankSupramaxTrancheMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">HSH Nordbank AG - Supramax tranche</label>
    <loc xlink:type="locator"
      xlink:label="sblk_HullAndMachineryClaimMember"
      xlink:href="sblk-20121231.xsd#sblk_HullAndMachineryClaimMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_HullAndMachineryClaimMember"
      xlink:to="sblk_HullAndMachineryClaimMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_HullAndMachineryClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Company's hull and machinery claim.</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullAndMachineryClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Hull And Machinery Claim [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_HullAndMachineryClaimMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Hull and Machinery Claim</label>
    <loc xlink:type="locator"
      xlink:label="sblk_IncreaseDecreaseInAccruedIncome"
      xlink:href="sblk-20121231.xsd#sblk_IncreaseDecreaseInAccruedIncome" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_IncreaseDecreaseInAccruedIncome"
      xlink:to="sblk_IncreaseDecreaseInAccruedIncome_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseDecreaseInAccruedIncome_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The increase (decrease) during the reporting period in the aggregate amount of  income deriving from the difference between the escalated rates that have been agreed in time charter agreements that the company has entered with the charterers for the following years.</label>
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseDecreaseInAccruedIncome_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Accrued Income</label>
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseDecreaseInAccruedIncome_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Accrued income</label>
    <loc xlink:type="locator"
      xlink:label="sblk_IncreaseInRestrictedCash"
      xlink:href="sblk-20121231.xsd#sblk_IncreaseInRestrictedCash" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_IncreaseInRestrictedCash"
      xlink:to="sblk_IncreaseInRestrictedCash_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow for the change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</label>
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Increase In Restricted Cash</label>
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Increase in restricted cash</label>
    <label xlink:type="resource"
      xlink:label="sblk_IncreaseInRestrictedCash_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Increase in restricted cash</label>
    <loc xlink:type="locator"
      xlink:label="sblk_InsuranceCoverageMaximumAmount"
      xlink:href="sblk-20121231.xsd#sblk_InsuranceCoverageMaximumAmount" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_InsuranceCoverageMaximumAmount"
      xlink:to="sblk_InsuranceCoverageMaximumAmount_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_InsuranceCoverageMaximumAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The maximum amount of Protection and Indemnity (P&amp;I) insurance coverage for pollution, per vessel per incident.</label>
    <label xlink:type="resource"
      xlink:label="sblk_InsuranceCoverageMaximumAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Insurance Coverage Maximum Amount</label>
    <label xlink:type="resource"
      xlink:label="sblk_InsuranceCoverageMaximumAmount_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Coverage for pollution</label>
    <loc xlink:type="locator"
      xlink:label="sblk_InsuranceExpense"
      xlink:href="sblk-20121231.xsd#sblk_InsuranceExpense" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_InsuranceExpense" xlink:to="sblk_InsuranceExpense_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_InsuranceExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The expense in the period incurred with respect to protection provided by insurance entities against risks associated with production (which are allocated to cost of sales).</label>
    <label xlink:type="resource"
      xlink:label="sblk_InsuranceExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Insurance Expense</label>
    <label xlink:type="resource"
      xlink:label="sblk_InsuranceExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Insurances</label>
    <loc xlink:type="locator"
      xlink:label="sblk_InterchartShippingMember"
      xlink:href="sblk-20121231.xsd#sblk_InterchartShippingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_InterchartShippingMember"
      xlink:to="sblk_InterchartShippingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_InterchartShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company Interchart Shipping.</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterchartShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Interchart Shipping [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterchartShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interchart Shipping Inc. (a)</label>
    <label xlink:type="resource"
      xlink:label="sblk_InterchartShippingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Interchart Shipping Inc.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember"
      xlink:href="sblk-20121231.xsd#sblk_IssuanceOfSharesUnderEquityIncentivePlanMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember"
      xlink:to="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The shares issued under the equity incentive plans of 2010 and 2011.</label>
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Issuance Of Shares Under Equity Incentive Plan [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceOfSharesUnderEquityIncentivePlanMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of Shares under Equity Incentive Plan</label>
    <loc xlink:type="locator"
      xlink:label="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue"
      xlink:href="sblk-20121231.xsd#sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue"
      xlink:to="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The total value of vested and non-vested shares issued during the period and the total amount of stock based compensation amortized.</label>
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Issuance Of Vested And Non Vested Shares Amortization Stock Based Compensation Value</label>
    <label xlink:type="resource"
      xlink:label="sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of vested and non-vested shares and amortization of stock-based compensation, value (Note 12)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_KoreaLineCorporationMember"
      xlink:href="sblk-20121231.xsd#sblk_KoreaLineCorporationMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_KoreaLineCorporationMember"
      xlink:to="sblk_KoreaLineCorporationMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_KoreaLineCorporationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Korea Line Corporation [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_KoreaLineCorporationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Korea Line Corporation</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LegalFeesAccruedLiabilities"
      xlink:href="sblk-20121231.xsd#sblk_LegalFeesAccruedLiabilities" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LegalFeesAccruedLiabilities"
      xlink:to="sblk_LegalFeesAccruedLiabilities_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LegalFeesAccruedLiabilities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying value as of the balance sheet date of obligations incurred through that date and payable for legal services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
    <label xlink:type="resource"
      xlink:label="sblk_LegalFeesAccruedLiabilities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Legal Fees Accrued Liabilities</label>
    <label xlink:type="resource"
      xlink:label="sblk_LegalFeesAccruedLiabilities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LegalSettlementReceivable"
      xlink:href="sblk-20121231.xsd#sblk_LegalSettlementReceivable" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LegalSettlementReceivable"
      xlink:to="sblk_LegalSettlementReceivable_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LegalSettlementReceivable_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying amount of receivables arising from legal settlements.</label>
    <label xlink:type="resource"
      xlink:label="sblk_LegalSettlementReceivable_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Legal Settlement Receivable</label>
    <label xlink:type="resource"
      xlink:label="sblk_LegalSettlementReceivable_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal settlement receivable</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ListOfSubsidiariesTableTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_ListOfSubsidiariesTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ListOfSubsidiariesTableTextBlock"
      xlink:to="sblk_ListOfSubsidiariesTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ListOfSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure of the entity's subsidiaries.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ListOfSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">List Of Subsidiaries [Table Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ListOfSubsidiariesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">List of Subsidiaries</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LoanAmendmentDisclosure"
      xlink:href="sblk-20121231.xsd#sblk_LoanAmendmentDisclosure" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LoanAmendmentDisclosure"
      xlink:to="sblk_LoanAmendmentDisclosure_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LoanAmendmentDisclosure_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The description of the amendments on the terms of loan/credit facility.</label>
    <label xlink:type="resource"
      xlink:label="sblk_LoanAmendmentDisclosure_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan Amendment Disclosure</label>
    <label xlink:type="resource"
      xlink:label="sblk_LoanAmendmentDisclosure_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan amendment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LoanDuration"
      xlink:href="sblk-20121231.xsd#sblk_LoanDuration" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LoanDuration" xlink:to="sblk_LoanDuration_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LoanDuration_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Term loan duration.</label>
    <label xlink:type="resource"
      xlink:label="sblk_LoanDuration_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan Duration</label>
    <label xlink:type="resource"
      xlink:label="sblk_LoanDuration_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan duration</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LoanInstallmentDeferred"
      xlink:href="sblk-20121231.xsd#sblk_LoanInstallmentDeferred" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LoanInstallmentDeferred"
      xlink:to="sblk_LoanInstallmentDeferred_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LoanInstallmentDeferred_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amount/percentage of installement that will  be deferred under the amendment.</label>
    <label xlink:type="resource"
      xlink:label="sblk_LoanInstallmentDeferred_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loan Installment Deferred</label>
    <label xlink:type="resource"
      xlink:label="sblk_LoanInstallmentDeferred_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred installment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LubricantsExpense"
      xlink:href="sblk-20121231.xsd#sblk_LubricantsExpense" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LubricantsExpense" xlink:to="sblk_LubricantsExpense_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LubricantsExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cost of lubricants consumed during the period.</label>
    <label xlink:type="resource"
      xlink:label="sblk_LubricantsExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Lubricants Expense</label>
    <label xlink:type="resource"
      xlink:label="sblk_LubricantsExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lubricants</label>
    <loc xlink:type="locator"
      xlink:label="sblk_LubricantsInventoryCurrent"
      xlink:href="sblk-20121231.xsd#sblk_LubricantsInventoryCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_LubricantsInventoryCurrent"
      xlink:to="sblk_LubricantsInventoryCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_LubricantsInventoryCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Carrying amount as of the balance sheet date of lubricants' inventory.</label>
    <label xlink:type="resource"
      xlink:label="sblk_LubricantsInventoryCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Lubricants Inventory Current</label>
    <label xlink:type="resource"
      xlink:label="sblk_LubricantsInventoryCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Lubricants</label>
    <loc xlink:type="locator"
      xlink:label="sblk_MaidenVoyageMember"
      xlink:href="sblk-20121231.xsd#sblk_MaidenVoyageMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_MaidenVoyageMember" xlink:to="sblk_MaidenVoyageMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_MaidenVoyageMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company Maiden Voyage LLC.</label>
    <label xlink:type="resource"
      xlink:label="sblk_MaidenVoyageMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Maiden Voyage [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_MaidenVoyageMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maiden Voyage LLC (f)</label>
    <label xlink:type="resource"
      xlink:label="sblk_MaidenVoyageMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Maiden Voyage LLC</label>
    <loc xlink:type="locator"
      xlink:label="sblk_MasterAgreementMember"
      xlink:href="sblk-20121231.xsd#sblk_MasterAgreementMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_MasterAgreementMember"
      xlink:to="sblk_MasterAgreementMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_MasterAgreementMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The definite agreement between Star Maritime and the Company, for the acquisition of the initial fleet.</label>
    <label xlink:type="resource"
      xlink:label="sblk_MasterAgreementMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Master Agreement [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_MasterAgreementMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Master Agreement</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NetDailyCharterRate"
      xlink:href="sblk-20121231.xsd#sblk_NetDailyCharterRate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NetDailyCharterRate"
      xlink:to="sblk_NetDailyCharterRate_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NetDailyCharterRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The net daily charter charter rate.</label>
    <label xlink:type="resource"
      xlink:label="sblk_NetDailyCharterRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net Daily Charter Rate</label>
    <label xlink:type="resource"
      xlink:label="sblk_NetDailyCharterRate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net daily charter rate</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NonExecutiveDirectorsCompensation"
      xlink:href="sblk-20121231.xsd#sblk_NonExecutiveDirectorsCompensation" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NonExecutiveDirectorsCompensation"
      xlink:to="sblk_NonExecutiveDirectorsCompensation_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NonExecutiveDirectorsCompensation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Expenditures for compensation for non executive officers.Examples include, but not limited to, Board of Director's attendance fees.</label>
    <label xlink:type="resource"
      xlink:label="sblk_NonExecutiveDirectorsCompensation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Non Executive Directors Compensation</label>
    <label xlink:type="resource"
      xlink:label="sblk_NonExecutiveDirectorsCompensation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Non-executive directors compensation (b)</label>
    <label xlink:type="resource"
      xlink:label="sblk_NonExecutiveDirectorsCompensation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Compensation</label>
    <loc xlink:type="locator"
      xlink:label="sblk_NumberOfInstallments"
      xlink:href="sblk-20121231.xsd#sblk_NumberOfInstallments" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_NumberOfInstallments"
      xlink:to="sblk_NumberOfInstallments_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_NumberOfInstallments_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of installments.</label>
    <label xlink:type="resource"
      xlink:label="sblk_NumberOfInstallments_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Number Of Installments</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OceanbulkMaritimeMember"
      xlink:href="sblk-20121231.xsd#sblk_OceanbulkMaritimeMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OceanbulkMaritimeMember"
      xlink:to="sblk_OceanbulkMaritimeMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OceanbulkMaritimeMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company OceanBulk Maritime.</label>
    <label xlink:type="resource"
      xlink:label="sblk_OceanbulkMaritimeMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Oceanbulk Maritime [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_OceanbulkMaritimeMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Oceanbulk Maritime S.A. (e)</label>
    <label xlink:type="resource"
      xlink:label="sblk_OceanbulkMaritimeMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Oceanbulk Maritime S.A.</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OldendorffGmbhCoMember"
      xlink:href="sblk-20121231.xsd#sblk_OldendorffGmbhCoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OldendorffGmbhCoMember"
      xlink:to="sblk_OldendorffGmbhCoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OldendorffGmbhCoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Oldendorff Gmbh Co [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_OldendorffGmbhCoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Oldendorff Gmbh &amp; Co. KG</label>
    <loc xlink:type="locator"
      xlink:label="sblk_Oocape1HoldingsMember"
      xlink:href="sblk-20121231.xsd#sblk_Oocape1HoldingsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_Oocape1HoldingsMember"
      xlink:to="sblk_Oocape1HoldingsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_Oocape1HoldingsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company OOCAPE1 Holdings LLC.</label>
    <label xlink:type="resource"
      xlink:label="sblk_Oocape1HoldingsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Oocape 1 Holdings [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_Oocape1HoldingsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">OOCAPE1 Holdings LLC</label>
    <label xlink:type="resource"
      xlink:label="sblk_Oocape1HoldingsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">OOCAPE1 Holdings LLC (g)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OtherFinancingFees"
      xlink:href="sblk-20121231.xsd#sblk_OtherFinancingFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OtherFinancingFees" xlink:to="sblk_OtherFinancingFees_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OtherFinancingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of other financing fees, which may  include bank charges, commissions of FFA's and other loan expenses.</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherFinancingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Financing Fees</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherFinancingFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other finance fees</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OtherOperationalGainTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_OtherOperationalGainTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OtherOperationalGainTextBlock"
      xlink:to="sblk_OtherOperationalGainTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OtherOperationalGainTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for other operational gain.</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherOperationalGainTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Operational Gain Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherOperationalGainTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Operational Gain</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OtherOperationalLossTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_OtherOperationalLossTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OtherOperationalLossTextBlock"
      xlink:to="sblk_OtherOperationalLossTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OtherOperationalLossTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for other operational loss.</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherOperationalLossTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Operational Loss Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherOperationalLossTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Operational Loss</label>
    <loc xlink:type="locator"
      xlink:label="sblk_OtherVesselAcquisitionCosts"
      xlink:href="sblk-20121231.xsd#sblk_OtherVesselAcquisitionCosts" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_OtherVesselAcquisitionCosts"
      xlink:to="sblk_OtherVesselAcquisitionCosts_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_OtherVesselAcquisitionCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The capitalized costs incurred before the acquisition and capitalized related to vessels purchased.</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherVesselAcquisitionCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Other Vessel Acquisition Costs</label>
    <label xlink:type="resource"
      xlink:label="sblk_OtherVesselAcquisitionCosts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other expenses capitalized</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity"
      xlink:href="sblk-20121231.xsd#sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity"
      xlink:to="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The payments made by related parties on behalf of reporting entity.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Office setup expenses - Oceanbulk Maritime S.A. (d)</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments By Related Parties On Behalf Of Reporting Entity</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Office setup expenses - Oceanbulk (e)</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Office setup expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters"
      xlink:href="sblk-20121231.xsd#sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters"
      xlink:to="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The cash outflow to acquire above market charters.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Above Market Acquired Time Charters</label>
    <label xlink:type="resource"
      xlink:label="sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cash paid for above market acquired time charters</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock"
      xlink:to="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for administrative personnel pension plans of the Company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Pension And Retirement Benefit Obligations Administrative Personnel Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pension and retirement benefit obligations - administrative personnel</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock"
      xlink:to="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for crew pension plans of the Company.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Pension And Retirement Benefit Obligations Crew Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pension and retirement benefit obligations - crew</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PercentageOfFutureProceedsSold"
      xlink:href="sblk-20121231.xsd#sblk_PercentageOfFutureProceedsSold" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PercentageOfFutureProceedsSold"
      xlink:to="sblk_PercentageOfFutureProceedsSold_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PercentageOfFutureProceedsSold_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage of future proceeds sold to a third party related to the settlement of certain of the commercial claims.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PercentageOfFutureProceedsSold_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Future Proceeds Sold</label>
    <label xlink:type="resource"
      xlink:label="sblk_PercentageOfFutureProceedsSold_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of future proceeds sold</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PiraeusBankMember"
      xlink:href="sblk-20121231.xsd#sblk_PiraeusBankMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PiraeusBankMember" xlink:to="sblk_PiraeusBankMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PiraeusBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The Bank Piraeus Bank S.A.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PiraeusBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Piraeus Bank [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PiraeusBankMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Piraeus Bank loan facilities</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PortCharges"
      xlink:href="sblk-20121231.xsd#sblk_PortCharges" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PortCharges" xlink:to="sblk_PortCharges_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PortCharges_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amounts charged by port authorities for the use of infrastructure.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PortCharges_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Port Charges</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PrepaymentOnLoan"
      xlink:href="sblk-20121231.xsd#sblk_PrepaymentOnLoan" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PrepaymentOnLoan" xlink:to="sblk_PrepaymentOnLoan_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PrepaymentOnLoan_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The prepayment on loan, funded from restricted cash.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PrepaymentOnLoan_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Prepayment On Loan</label>
    <label xlink:type="resource"
      xlink:label="sblk_PrepaymentOnLoan_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan prepayment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PricePerUnit"
      xlink:href="sblk-20121231.xsd#sblk_PricePerUnit" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PricePerUnit" xlink:to="sblk_PricePerUnit_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PricePerUnit_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Price per unit (consisting of one share of common stock and one warrant) issued.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PricePerUnit_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Price Per Unit</label>
    <label xlink:type="resource"
      xlink:label="sblk_PricePerUnit_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Price per unit issued</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PriorToReverseStockSplitAdjustmentMember"
      xlink:href="sblk-20121231.xsd#sblk_PriorToReverseStockSplitAdjustmentMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PriorToReverseStockSplitAdjustmentMember"
      xlink:to="sblk_PriorToReverseStockSplitAdjustmentMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PriorToReverseStockSplitAdjustmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amounts prior to reverse stock split adjustments.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PriorToReverseStockSplitAdjustmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Prior To Reverse Stock Split Adjustment [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PriorToReverseStockSplitAdjustmentMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Prior to Reverse Stock Split adjustment</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PropertyPlantAndEquipmentOtherGross"
      xlink:href="sblk-20121231.xsd#sblk_PropertyPlantAndEquipmentOtherGross" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PropertyPlantAndEquipmentOtherGross"
      xlink:to="sblk_PropertyPlantAndEquipmentOtherGross_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PropertyPlantAndEquipmentOtherGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The gross amount of capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PropertyPlantAndEquipmentOtherGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Other Gross</label>
    <label xlink:type="resource"
      xlink:label="sblk_PropertyPlantAndEquipmentOtherGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other fixed assets</label>
    <loc xlink:type="locator"
      xlink:label="sblk_PublicOfferingMember"
      xlink:href="sblk-20121231.xsd#sblk_PublicOfferingMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_PublicOfferingMember"
      xlink:to="sblk_PublicOfferingMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_PublicOfferingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The direct offering of the Company's securities to the public.</label>
    <label xlink:type="resource"
      xlink:label="sblk_PublicOfferingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Public Offering [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_PublicOfferingMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Public Offering</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ReclassificationOfLongTermDebt"
      xlink:href="sblk-20121231.xsd#sblk_ReclassificationOfLongTermDebt" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ReclassificationOfLongTermDebt"
      xlink:to="sblk_ReclassificationOfLongTermDebt_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ReclassificationOfLongTermDebt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Amount of non current portion long term debt classified as current portion, which represents payments of debt that might be required by the lenders to satisfy security cover shortfalls.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ReclassificationOfLongTermDebt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reclassification Of Long Term Debt</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ReinstatementOfShareRepurchasePlanMember"
      xlink:href="sblk-20121231.xsd#sblk_ReinstatementOfShareRepurchasePlanMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ReinstatementOfShareRepurchasePlanMember"
      xlink:to="sblk_ReinstatementOfShareRepurchasePlanMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ReinstatementOfShareRepurchasePlanMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Reinstatement of share repurchase plan.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ReinstatementOfShareRepurchasePlanMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reinstatement Of Share Repurchase Plan [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_ReinstatementOfShareRepurchasePlanMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reinstatement Of Share Repurchase Plan</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RelatedPartiesCommissionsFees"
      xlink:href="sblk-20121231.xsd#sblk_RelatedPartiesCommissionsFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_RelatedPartiesCommissionsFees"
      xlink:to="sblk_RelatedPartiesCommissionsFees_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_RelatedPartiesCommissionsFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Primarily represents commissions incurred in the period based upon the sale by related parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by related parties (such as a distributor or value added reseller).</label>
    <label xlink:type="resource"
      xlink:label="sblk_RelatedPartiesCommissionsFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Parties Commissions Fees</label>
    <label xlink:type="resource"
      xlink:label="sblk_RelatedPartiesCommissionsFees_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commissions - related parties</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RentExpensePerMonth"
      xlink:href="sblk-20121231.xsd#sblk_RentExpensePerMonth" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_RentExpensePerMonth"
      xlink:to="sblk_RentExpensePerMonth_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_RentExpensePerMonth_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of monthly rental.</label>
    <label xlink:type="resource"
      xlink:label="sblk_RentExpensePerMonth_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Rent Expense Per Month</label>
    <label xlink:type="resource"
      xlink:label="sblk_RentExpensePerMonth_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rent expense per month</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RestrictedCashForFutureDerivativeTrades"
      xlink:href="sblk-20121231.xsd#sblk_RestrictedCashForFutureDerivativeTrades" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_RestrictedCashForFutureDerivativeTrades"
      xlink:to="sblk_RestrictedCashForFutureDerivativeTrades_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_RestrictedCashForFutureDerivativeTrades_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Restricted Cash For Future Derivative Trades</label>
    <label xlink:type="resource"
      xlink:label="sblk_RestrictedCashForFutureDerivativeTrades_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash for future trades</label>
    <loc xlink:type="locator"
      xlink:label="sblk_RevenueAndExpenseRecognitionPolicy"
      xlink:href="sblk-20121231.xsd#sblk_RevenueAndExpenseRecognitionPolicy" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_RevenueAndExpenseRecognitionPolicy"
      xlink:to="sblk_RevenueAndExpenseRecognitionPolicy_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_RevenueAndExpenseRecognitionPolicy_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy regarding recognition of  revenue  and related expenses.</label>
    <label xlink:type="resource"
      xlink:label="sblk_RevenueAndExpenseRecognitionPolicy_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Revenue And Expense Recognition Policy</label>
    <label xlink:type="resource"
      xlink:label="sblk_RevenueAndExpenseRecognitionPolicy_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounting for revenue and related expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ReverseStockSplitDisclosuresAbstract"
      xlink:href="sblk-20121231.xsd#sblk_ReverseStockSplitDisclosuresAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ReverseStockSplitDisclosuresAbstract"
      xlink:to="sblk_ReverseStockSplitDisclosuresAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ReverseStockSplitDisclosuresAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reverse Stock Split Disclosures [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ReverseStockSplitDomain"
      xlink:href="sblk-20121231.xsd#sblk_ReverseStockSplitDomain" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ReverseStockSplitDomain"
      xlink:to="sblk_ReverseStockSplitDomain_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ReverseStockSplitDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Information regarding the adjustments of the reverse stock split.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ReverseStockSplitDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reverse Stock Split [Domain]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ReverseStockSplitLineItems"
      xlink:href="sblk-20121231.xsd#sblk_ReverseStockSplitLineItems" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ReverseStockSplitLineItems"
      xlink:to="sblk_ReverseStockSplitLineItems_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ReverseStockSplitLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Line items represent reporting concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ReverseStockSplitLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Reverse Stock Split [Line Items]</label>
    <loc xlink:type="locator"
      xlink:label="sblk_SaleOfFutureClaimsProceeds"
      xlink:href="sblk-20121231.xsd#sblk_SaleOfFutureClaimsProceeds" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_SaleOfFutureClaimsProceeds"
      xlink:to="sblk_SaleOfFutureClaimsProceeds_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_SaleOfFutureClaimsProceeds_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Sale Of Future Claims Proceeds</label>
    <label xlink:type="resource"
      xlink:label="sblk_SaleOfFutureClaimsProceeds_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">45% of future claims' proceeds sale</label>
    <loc xlink:type="locator"
      xlink:label="sblk_SaleOfFutureCommercialClaimsProceedsMember"
      xlink:href="sblk-20121231.xsd#sblk_SaleOfFutureCommercialClaimsProceedsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_SaleOfFutureCommercialClaimsProceedsMember"
      xlink:to="sblk_SaleOfFutureCommercialClaimsProceedsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_SaleOfFutureCommercialClaimsProceedsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Sale Of Future Commercial Claims Proceeds [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_SaleOfFutureCommercialClaimsProceedsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale of 45% interest in future commercial claims proceeds</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale"
      xlink:href="sblk-20121231.xsd#sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale"
      xlink:to="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of equity-based payment instruments that has registered on Form s-8 for a possible resale during the reporting period.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Registered For Resale</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of common shares registered for a resale</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod"
      xlink:href="sblk-20121231.xsd#sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod"
      xlink:to="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The number of equity-based payment instruments that has vested during the reporting period.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Vested In Period</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vested in period</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of shares vested during the period</label>
    <loc xlink:type="locator"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue"
      xlink:href="sblk-20121231.xsd#sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue"
      xlink:to="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The fair value of  awards on equity-based plans for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of each share</label>
    <label xlink:type="resource"
      xlink:label="sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Grant date fair value</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarAlphaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarAlphaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarAlphaMember" xlink:to="sblk_StarAlphaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarAlphaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Aplha.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAlphaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/negativeLabel">Charterers of Star Alpha</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAlphaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Star Alpha</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAlphaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Alpha [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAlphaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Alpha (ex A Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAlphaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Alpha (ex A Duckling) - Disposed</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarAuroraMember"
      xlink:href="sblk-20121231.xsd#sblk_StarAuroraMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarAuroraMember" xlink:to="sblk_StarAuroraMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarAuroraMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Aurora.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAuroraMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Aurora [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarAuroraMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Aurora</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarBetaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarBetaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarBetaMember" xlink:to="sblk_StarBetaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarBetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Beta.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/negativeLabel">Star Beta (chartered by Oldendorff Gmbh &amp; Co KG and Deiulemar)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Star Beta</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Beta [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Beta (ex B Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Beta (ex B Duckling) - Disposed</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarBigAndStarMegaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarBigAndStarMegaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarBigAndStarMegaMember"
      xlink:to="sblk_StarBigAndStarMegaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarBigAndStarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Big And Star Mega [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBigAndStarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Big and Star Mega</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarBigMember"
      xlink:href="sblk-20121231.xsd#sblk_StarBigMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarBigMember" xlink:to="sblk_StarBigMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarBigMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Big.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBigMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of above market acquired time charters - Star Big</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBigMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Big [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBigMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Big</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarBorealisAndStarPolarisMember"
      xlink:href="sblk-20121231.xsd#sblk_StarBorealisAndStarPolarisMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarBorealisAndStarPolarisMember"
      xlink:to="sblk_StarBorealisAndStarPolarisMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarBorealisAndStarPolarisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Borealis And Star Polaris [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBorealisAndStarPolarisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Borealis and Star Polaris</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarBorealisMember"
      xlink:href="sblk-20121231.xsd#sblk_StarBorealisMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarBorealisMember" xlink:to="sblk_StarBorealisMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarBorealisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Borealis.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBorealisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Borealis [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarBorealisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Borealis</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember"
      xlink:href="sblk-20121231.xsd#sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember"
      xlink:to="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amortization of acquired time charter related to the vessel Star Cosmo which is included under "Gain on time charter agreement termination".</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Cosmo Gain On Time Charter Agreement Termnination [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoGainOnTimeCharterAgreementTermninationMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Cosmo - Gain on time charter agreement termination</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarCosmoMember"
      xlink:href="sblk-20121231.xsd#sblk_StarCosmoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarCosmoMember" xlink:to="sblk_StarCosmoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Cosmo.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of below market acquired time charters - Star Cosmo</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Cosmo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Cosmo</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarCosmoVoyageRevenueMember"
      xlink:href="sblk-20121231.xsd#sblk_StarCosmoVoyageRevenueMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarCosmoVoyageRevenueMember"
      xlink:to="sblk_StarCosmoVoyageRevenueMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoVoyageRevenueMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amortization of acquired time charter related to the vessel Star Cosmo which is included under "Voyage Revenues".</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoVoyageRevenueMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Cosmo Voyage Revenue [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarCosmoVoyageRevenueMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Cosmo - Voyage revenue</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarDeltaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarDeltaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarDeltaMember" xlink:to="sblk_StarDeltaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarDeltaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Delta.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarDeltaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of below market acquired time charters - Star Delta</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarDeltaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Delta [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarDeltaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Delta (ex F Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarDeltaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Delta</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarEpsilonAndStarKappaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarEpsilonAndStarKappaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarEpsilonAndStarKappaMember"
      xlink:to="sblk_StarEpsilonAndStarKappaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonAndStarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessels Star Epsilon and Star Kappa</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonAndStarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Epsilon And Star Kappa [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonAndStarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Epsilon And Star Kappa ((chartered by Ishar Overseas)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarEpsilonMember"
      xlink:href="sblk-20121231.xsd#sblk_StarEpsilonMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarEpsilonMember" xlink:to="sblk_StarEpsilonMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Epsilon.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of below market acquired time charters - Star Epsilon</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Epsilon [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Epsilon (ex G Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarEpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Epsilon</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarGammaAndStarCosmoMember"
      xlink:href="sblk-20121231.xsd#sblk_StarGammaAndStarCosmoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarGammaAndStarCosmoMember"
      xlink:to="sblk_StarGammaAndStarCosmoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaAndStarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessels Star Gamma and Star Cosmo</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaAndStarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Gamma And Star Cosmo [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaAndStarCosmoMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Gamma And Star Cosmo (Chartered by Korea Line Corporation)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarGammaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarGammaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarGammaMember" xlink:to="sblk_StarGammaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Gamma.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Gamma [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Gamma (ex C Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarGammaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Gamma</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarKappaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarKappaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarKappaMember" xlink:to="sblk_StarKappaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Kappa.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of above market acquired time charters - Star Kappa</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Kappa [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Kappa (ex E Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarKappaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Kappa</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarMegaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarMegaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarMegaMember" xlink:to="sblk_StarMegaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Mega.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of above market acquired time charters - Star Mega</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Mega [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarMegaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Mega</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarOmicronMember"
      xlink:href="sblk-20121231.xsd#sblk_StarOmicronMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarOmicronMember" xlink:to="sblk_StarOmicronMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarOmicronMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Omicron.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarOmicronMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Omicron [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarOmicronMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Omicron</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarPolarisMember"
      xlink:href="sblk-20121231.xsd#sblk_StarPolarisMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarPolarisMember" xlink:to="sblk_StarPolarisMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarPolarisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Polaris.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarPolarisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Polaris [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarPolarisMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Polaris</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarSigmaAmountReceivedForFuelsMember"
      xlink:href="sblk-20121231.xsd#sblk_StarSigmaAmountReceivedForFuelsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarSigmaAmountReceivedForFuelsMember"
      xlink:to="sblk_StarSigmaAmountReceivedForFuelsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaAmountReceivedForFuelsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The value of fuels vessel Star Sigma contained upon redelivery.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaAmountReceivedForFuelsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Sigma Amount Received For Fuels [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaAmountReceivedForFuelsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Sigma - Value of fuels received as compensation</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarSigmaAmountReceivedInCashMember"
      xlink:href="sblk-20121231.xsd#sblk_StarSigmaAmountReceivedInCashMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarSigmaAmountReceivedInCashMember"
      xlink:to="sblk_StarSigmaAmountReceivedInCashMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaAmountReceivedInCashMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The amount of cash received as compensation for the early redelivery of vessel Star Sigma.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaAmountReceivedInCashMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Sigma Amount Received In Cash [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaAmountReceivedInCashMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Sigma - Amount received in cash</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarSigmaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarSigmaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarSigmaMember" xlink:to="sblk_StarSigmaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Sigma.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Sigma [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarSigmaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Sigma</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarThetaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarThetaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarThetaMember" xlink:to="sblk_StarThetaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarThetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Theta.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarThetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of below market acquired time charters - Star Theta</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarThetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Theta [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarThetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Theta (ex J Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarThetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Theta</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarYpsilonMember"
      xlink:href="sblk-20121231.xsd#sblk_StarYpsilonMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarYpsilonMember" xlink:to="sblk_StarYpsilonMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarYpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Ypsilon.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarYpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/negativeLabel">Star Ypsilon (Chartered by TMT)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarYpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Fair value of above market acquired time charters - Star Ypsilon</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarYpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Ypsilon [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarYpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Ypsilon</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarYpsilonMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Ypsilon - Disposed</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StarZetaMember"
      xlink:href="sblk-20121231.xsd#sblk_StarZetaMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StarZetaMember" xlink:to="sblk_StarZetaMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StarZetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel Star Zeta.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarZetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Star Zeta [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarZetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Star Zeta (ex I Duckling)</label>
    <label xlink:type="resource"
      xlink:label="sblk_StarZetaMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Star Zeta</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StockRepurchaseProgramMaximumSharePrice"
      xlink:href="sblk-20121231.xsd#sblk_StockRepurchaseProgramMaximumSharePrice" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StockRepurchaseProgramMaximumSharePrice"
      xlink:to="sblk_StockRepurchaseProgramMaximumSharePrice_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StockRepurchaseProgramMaximumSharePrice_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The maximum purchase price per share which has been authorized under the share repurchase plan.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StockRepurchaseProgramMaximumSharePrice_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Stock Repurchase Program Maximum Share Price</label>
    <label xlink:type="resource"
      xlink:label="sblk_StockRepurchaseProgramMaximumSharePrice_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share repurchase program - maximum share price</label>
    <loc xlink:type="locator"
      xlink:label="sblk_StockholdersEquityReverseStockSplitRatio"
      xlink:href="sblk-20121231.xsd#sblk_StockholdersEquityReverseStockSplitRatio" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_StockholdersEquityReverseStockSplitRatio"
      xlink:to="sblk_StockholdersEquityReverseStockSplitRatio_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_StockholdersEquityReverseStockSplitRatio_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The ratio of the reverse stock split.</label>
    <label xlink:type="resource"
      xlink:label="sblk_StockholdersEquityReverseStockSplitRatio_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Stockholders Equity Reverse Stock Split Ratio</label>
    <label xlink:type="resource"
      xlink:label="sblk_StockholdersEquityReverseStockSplitRatio_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Reverse stock split ratio</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TimeCharterTerminationDeferredRevenue"
      xlink:href="sblk-20121231.xsd#sblk_TimeCharterTerminationDeferredRevenue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TimeCharterTerminationDeferredRevenue"
      xlink:to="sblk_TimeCharterTerminationDeferredRevenue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TimeCharterTerminationDeferredRevenue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The deferred revenue recognized regarding the termination of the time charter contract.</label>
    <label xlink:type="resource"
      xlink:label="sblk_TimeCharterTerminationDeferredRevenue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Time Charter Termination Deferred Revenue</label>
    <label xlink:type="resource"
      xlink:label="sblk_TimeCharterTerminationDeferredRevenue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Charter termination deferred revenue</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TmtAndAffiliatesMember"
      xlink:href="sblk-20121231.xsd#sblk_TmtAndAffiliatesMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TmtAndAffiliatesMember"
      xlink:to="sblk_TmtAndAffiliatesMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TmtAndAffiliatesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company TNT Co. Ltd. and its affiliates.</label>
    <label xlink:type="resource"
      xlink:label="sblk_TmtAndAffiliatesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Tmt And Affiliates [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_TmtAndAffiliatesMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">TMT and affiliates</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TmtCoMember"
      xlink:href="sblk-20121231.xsd#sblk_TmtCoMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TmtCoMember" xlink:to="sblk_TmtCoMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TmtCoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company TMT Co. Ltd.</label>
    <label xlink:type="resource"
      xlink:label="sblk_TmtCoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Tmt Co [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_TmtCoMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">TMT Co</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TonnageTax"
      xlink:href="sblk-20121231.xsd#sblk_TonnageTax" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TonnageTax" xlink:to="sblk_TonnageTax_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TonnageTax_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The tonnage taxes for the period.</label>
    <label xlink:type="resource"
      xlink:label="sblk_TonnageTax_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Tonnage Tax</label>
    <label xlink:type="resource"
      xlink:label="sblk_TonnageTax_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tonnage taxes</label>
    <loc xlink:type="locator"
      xlink:label="sblk_TotalVesselsMember"
      xlink:href="sblk-20121231.xsd#sblk_TotalVesselsMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_TotalVesselsMember" xlink:to="sblk_TotalVesselsMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_TotalVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total Vessels Member</label>
    <label xlink:type="resource"
      xlink:label="sblk_TotalVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total</label>
    <label xlink:type="resource"
      xlink:label="sblk_TotalVesselsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessels</label>
    <loc xlink:type="locator"
      xlink:label="sblk_UnitsIssued"
      xlink:href="sblk-20121231.xsd#sblk_UnitsIssued" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_UnitsIssued" xlink:to="sblk_UnitsIssued_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_UnitsIssued_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Number of units (consisting of one share of common stock and one warrant) issued.</label>
    <label xlink:type="resource"
      xlink:label="sblk_UnitsIssued_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Units Issued</label>
    <label xlink:type="resource"
      xlink:label="sblk_UnitsIssued_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of units issued</label>
    <loc xlink:type="locator"
      xlink:label="sblk_UpgradingExpense"
      xlink:href="sblk-20121231.xsd#sblk_UpgradingExpense" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_UpgradingExpense" xlink:to="sblk_UpgradingExpense_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_UpgradingExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The upgrading expenses incurred during the period.</label>
    <label xlink:type="resource"
      xlink:label="sblk_UpgradingExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Upgrading Expense</label>
    <label xlink:type="resource"
      xlink:label="sblk_UpgradingExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Upgrading Expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselAcquisitionContractPrice"
      xlink:href="sblk-20121231.xsd#sblk_VesselAcquisitionContractPrice" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselAcquisitionContractPrice"
      xlink:to="sblk_VesselAcquisitionContractPrice_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselAcquisitionContractPrice_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel shipbuilding or purchase price in aggregate, as stated in the contract.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselAcquisitionContractPrice_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Acquisition Contract Price</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselAcquisitionContractPrice_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Aggregate acquisition price</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselCapacity"
      xlink:href="sblk-20121231.xsd#sblk_VesselCapacity" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselCapacity" xlink:to="sblk_VesselCapacity_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The vessel's capacity in deadweight tonnage.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Capacity</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">DWT</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselCostPolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_VesselCostPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselCostPolicyTextBlock"
      xlink:to="sblk_VesselCostPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselCostPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for vessels.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselCostPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Cost Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselCostPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels, net</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselGross"
      xlink:href="sblk-20121231.xsd#sblk_VesselGross" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselGross" xlink:to="sblk_VesselGross_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselGross_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Gross amount of vessel acquired.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselGross_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Gross</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselGross_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselImpairmentLoss"
      xlink:href="sblk-20121231.xsd#sblk_VesselImpairmentLoss" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselImpairmentLoss"
      xlink:to="sblk_VesselImpairmentLoss_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselImpairmentLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselImpairmentLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Impairment Loss</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselImpairmentLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel's impairment loss (Note 18)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselNet"
      xlink:href="sblk-20121231.xsd#sblk_VesselNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselNet" xlink:to="sblk_VesselNet_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The carrying amount of the vessel.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Net</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Carrying amount of vessel</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselNet_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessel value</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselOperatingExpensesTableTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_VesselOperatingExpensesTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselOperatingExpensesTableTextBlock"
      xlink:to="sblk_VesselOperatingExpensesTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselOperatingExpensesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure for Vessel Operating expenses (crew wages and related costs, insurances, repairs, spares and maintenance, consumable stores, tonnage taxes, miscellaneous).</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselOperatingExpensesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Operating Expenses [Table Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselOperatingExpensesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel operating expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselRedeliveryDate"
      xlink:href="sblk-20121231.xsd#sblk_VesselRedeliveryDate" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselRedeliveryDate"
      xlink:to="sblk_VesselRedeliveryDate_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselRedeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The date the vessel was redelivered from the charterer.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselRedeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Redelivery Date</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselRedeliveryDate_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redelivery date</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselSaleCommissionPercentage"
      xlink:href="sblk-20121231.xsd#sblk_VesselSaleCommissionPercentage" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselSaleCommissionPercentage"
      xlink:to="sblk_VesselSaleCommissionPercentage_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselSaleCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The percentage on the sale price charged as commission for the vessel sale, consisting of address and brokerage commission.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselSaleCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Sale Commission Percentage</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselSaleCommissionPercentage_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sale commission</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselYearBuilt"
      xlink:href="sblk-20121231.xsd#sblk_VesselYearBuilt" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselYearBuilt" xlink:to="sblk_VesselYearBuilt_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselYearBuilt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The year that the vessel was built.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselYearBuilt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessel Year Built</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselYearBuilt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Year Built</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselsAcquired"
      xlink:href="sblk-20121231.xsd#sblk_VesselsAcquired" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselsAcquired" xlink:to="sblk_VesselsAcquired_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAcquired_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Number of vessels acquired.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAcquired_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Acquired</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAcquired_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Drybulk carriers acquired</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet"
      xlink:href="sblk-20121231.xsd#sblk_VesselsAndOtherFixedAssetsNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselsAndOtherFixedAssetsNet"
      xlink:to="sblk_VesselsAndOtherFixedAssetsNet_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">This element represents vessels and other fixed assets, net of accumulated depreciation.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels And Other Fixed Assets Net</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels and other fixed assets, net (Note 5)</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsAndOtherFixedAssetsNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessels and other fixed assets, net</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselsHeldForSalePolicyTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_VesselsHeldForSalePolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselsHeldForSalePolicyTextBlock"
      xlink:to="sblk_VesselsHeldForSalePolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselsHeldForSalePolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for vessels held for sale.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsHeldForSalePolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Held For Sale Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsHeldForSalePolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels held for sale</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VesselsOtherFixedAssetsGross"
      xlink:href="sblk-20121231.xsd#sblk_VesselsOtherFixedAssetsGross" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VesselsOtherFixedAssetsGross"
      xlink:to="sblk_VesselsOtherFixedAssetsGross_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VesselsOtherFixedAssetsGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Gross amount of vessels and other fixed assets.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsOtherFixedAssetsGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels Other Fixed Assets Gross</label>
    <label xlink:type="resource"
      xlink:label="sblk_VesselsOtherFixedAssetsGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total cost</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VinylMember"
      xlink:href="sblk-20121231.xsd#sblk_VinylMember" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VinylMember" xlink:to="sblk_VinylMember_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VinylMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The company Vinyl.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VinylMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vinyl [Member]</label>
    <label xlink:type="resource"
      xlink:label="sblk_VinylMember_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vinyl</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VoyageAndVesselOperatingExpensesTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_VoyageAndVesselOperatingExpensesTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VoyageAndVesselOperatingExpensesTextBlock"
      xlink:to="sblk_VoyageAndVesselOperatingExpensesTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VoyageAndVesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The entire disclosure for Voyage expenses (Port charges, bunkers, commissions charged by third parties, commissions charged by related parties) and Vessel Operating expenses (crew wages and related costs, insurances, repairs, spares and maintenance, consumable stores, tonnage taxes, miscellaneous).</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageAndVesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Voyage And Vessel Operating Expenses [Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageAndVesselOperatingExpensesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Voyage and Vessel Operating Expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VoyageExpensesTableTextBlock"
      xlink:href="sblk-20121231.xsd#sblk_VoyageExpensesTableTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VoyageExpensesTableTextBlock"
      xlink:to="sblk_VoyageExpensesTableTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpensesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Tabular disclosure for Voyage expenses (Port charges, bunkers, commissions charged by third parties, commissions charged by related parties).</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpensesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Voyage Expenses [Table Text Block]</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpensesTableTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Voyage expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VoyageExpenses"
      xlink:href="sblk-20121231.xsd#sblk_VoyageExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VoyageExpenses" xlink:to="sblk_VoyageExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Costs relating to the voyages performed by the vessels and may include port, canal, bunker expenses, commissions and other.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Voyage expenses</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Voyage expenses (Note 17)</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total voyage expenses</label>
    <loc xlink:type="locator"
      xlink:label="sblk_VoyageRevenues"
      xlink:href="sblk-20121231.xsd#sblk_VoyageRevenues" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_VoyageRevenues" xlink:to="sblk_VoyageRevenues_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_VoyageRevenues_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">Revenues arising from services provided to charterers according to the terms and conditions included in charter agreements. Voyage revenues may include the amortization of above/below market acquired time charter.</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageRevenues_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Voyage Revenues</label>
    <label xlink:type="resource"
      xlink:label="sblk_VoyageRevenues_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Voyage revenues</label>
    <loc xlink:type="locator"
      xlink:label="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery"
      xlink:href="sblk-20121231.xsd#sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery"
      xlink:to="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The write off of unamortized fair value of below market acquired time charter on vessel's redelivery date.</label>
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Write Off Of Unamortized Fair Value Of Below Market Acquired Time Charter On Vessel Redelivery</label>
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Write off of unamortized fair value of below market acquired time charter on vessel redelivery</label>
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Gain on time charter agreement termination (Note 6)</label>
    <loc xlink:type="locator"
      xlink:label="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue"
      xlink:href="sblk-20121231.xsd#sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue"
      xlink:to="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue_lbl" />
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/documentation">The write off of unamortized time charter termination deferred revenue.</label>
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Write Off Of Unamortized Time Charter Termination Deferred Revenue</label>
    <label xlink:type="resource"
      xlink:label="sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Write off of unamortized time charter termination deferred revenue</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountingPoliciesAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountingPoliciesAbstract"
      xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountingPoliciesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Significant Accounting policies [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"
      xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accounts Payable And Accrued Liabilities Disclosure [Text Block]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued Liabilities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableOtherCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableOtherCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountsPayableOtherCurrent"
      xlink:to="us-gaap_AccountsPayableOtherCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsPayableOtherCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Due to managers, current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsPayableOtherCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Due to managers</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsPayableTradeCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableTradeCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountsPayableTradeCurrent"
      xlink:to="us-gaap_AccountsPayableTradeCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsPayableTradeCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accounts payable, current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsPayableTradeCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accounts payable</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsReceivableGrossCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableGrossCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountsReceivableGrossCurrent"
      xlink:to="us-gaap_AccountsReceivableGrossCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsReceivableGrossCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Trade accounts receivable, gross</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsReceivableGrossCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trade accounts receivable</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_AccountsReceivableNetCurrentAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrentAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_AccountsReceivableNetCurrentAbstract"
      xlink:to="us-gaap_AccountsReceivableNetCurrentAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_AccountsReceivableNetCurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Trade Accounts Receivable, Net [Abstract]</label>
    <loc xlink:type="locator"
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    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Accrual For Environmental Loss Contingencies Disclosure [Abstract]</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Amortization weighted-average period</label>
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
      xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableChargeOffs_lbl"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Allowance for doubtful debts</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Allowance for doubtful debts</label>
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      xlink:label="us-gaap_AmortizationOfFinancingCosts"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Covenant compliance</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loan covenants</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Loan reference interest rate</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Loan amount</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Long term debt [Line Items]</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Loan repayment terms</label>
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      xlink:label="us-gaap_DebtInstrumentTable"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Long-term Debt [Table]</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Undrawn amount</label>
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      xlink:label="us-gaap_DebtPolicyTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtPolicyTextBlock" />
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      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="us-gaap_DebtPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Debt Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DebtPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financing costs</label>
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      xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Deferred finance charges, net</label>
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      xlink:label="us-gaap_DeferredRevenueCurrent"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Deferred revenue, current</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_DeferredRevenueCurrent_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred revenue</label>
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      xlink:label="us-gaap_DeferredRevenueNoncurrent"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Deferred revenue, non-current</label>
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      xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deferred revenue</label>
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      xlink:label="us-gaap_Depreciation"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Depreciation (Note 6)</label>
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      xlink:label="us-gaap_Depreciation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation</label>
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      xlink:label="us-gaap_DerivativeByNatureAxis"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Axis]</label>
    <loc xlink:type="locator"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments, non-current (Note 16)</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments (Note 16)</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Fair value</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative instruments(Note 18)</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair value of derivative instruments</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Freight Derivative</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Line Items]</label>
    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Derivative</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Domain]</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Derivative [Table]</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Director</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan text Block</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basic earnings/ (loss) per share:</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss per share, basic and diluted</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basic earnings/(loss) per share</label>
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      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Basic loss per share</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Diluted earnings/ (loss) per share</label>
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      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Diluted loss per share</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Earnings/ (loss) per common share</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Interest and other income</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/label">Interest Costs Capitalized</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Capitalized interest</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Interest expense</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Other financing fees</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Capitalized Interest</label>
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Interest</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Inventories [Abstract]</label>
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      xlink:label="us-gaap_InventoryDisclosureTextBlock"
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      xlink:from="us-gaap_InventoryDisclosureTextBlock"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Inventories Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Inventories</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_InventoryNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
      xlink:label="us-gaap_InventoryNet_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Inventories (Note 4)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_InventoryNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Inventories</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_InventoryNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_InventoryPolicyTextBlock"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_InventoryPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Inventory Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_InventoryPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Inventories</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LeaseAndRentalExpense"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LeaseAndRentalExpense" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LeaseAndRentalExpense"
      xlink:to="us-gaap_LeaseAndRentalExpense_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_LeaseAndRentalExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Rent expense</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LeaseAndRentalExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Office rent</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LeaseAndRentalExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Office Rent - Combine Maritime Ltd. (c)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LeaseExpirationDate1"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LeaseExpirationDate1" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LeaseExpirationDate1"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LeaseExpirationDate1_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Lease Expiration Date</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LegalFees"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LegalFees" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LegalFees" xlink:to="us-gaap_LegalFees_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_LegalFees_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Legal Fees</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LegalMattersAndContingenciesTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LegalMattersAndContingenciesTextBlock"
      xlink:to="us-gaap_LegalMattersAndContingenciesTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Legal Matters And Contingencies [Text Block]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal matters</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract"
      xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Liabilities And Stockholders Equity [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">LIABILITIES &amp; STOCKHOLDERS' EQUITY</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LiabilitiesAndStockholdersEquity"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesCurrentAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LiabilitiesCurrentAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Current [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">CURRENT LIABILITIES</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_LiabilitiesCurrent"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total current liabilities</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Current Liabilities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesNoncurrentAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" />
    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_LiabilitiesNoncurrentAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Noncurrent [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">NON-CURRENT LIABILITIES</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LiabilitiesNoncurrent"
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    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_LiabilitiesNoncurrent"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total Non - Current Liablilities</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LiabilitiesNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Non - Current Liablilities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_Liabilities"
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      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">TOTAL LIABILITIES</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_Liabilities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">TOTAL LIABILITIES</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LineOfCreditFacilityAxis"
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    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_LineOfCreditFacilityAxis"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LineOfCreditFacilityAxis_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Line Of Credit Facility [Axis]</label>
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      xlink:label="us-gaap_LineOfCreditFacilityLenderDomain"
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    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_LineOfCreditFacilityLenderDomain"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LineOfCreditFacilityLenderDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Line Of Credit Facility Lender [Domain]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Maximum borrowing capacity</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LineOfCreditFacilityPeriodicPayment"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Quarterly installments</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LoansPayableToBankCurrent"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LoansPayableToBankCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Current portion of long term debt (Note 7)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Long-term Debt [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_LongTermDebtByMaturityAbstract"
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    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_LongTermDebtByMaturityAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Long-term Debt - Principal payments</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_LongTermDebtByMaturityAbstract_lbl"
      xml:lang="en-US"
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    <label xlink:type="resource"
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    <label xlink:type="resource"
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      xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Cash Flows from Financing Activities:</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net cash (used in)/ provided by Financing Activities</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash (used in) / provided by Financing Activities</label>
    <loc xlink:type="locator"
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      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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      xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Cash Flows from Investing Activities:</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"
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    <label xlink:type="resource"
      xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net cash used in Investing Activities</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash (used in) / provided by Investing Activities</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
      xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/label">Cash Flows from Operating Activities:</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"
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    <label xlink:type="resource"
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      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net cash provided by Operating Activities</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net cash provided by Operating Activities</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NetIncomeLossAbstract"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_NetIncomeLossAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLossAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Loss:</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Basic loss per share: [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basic Loss per share:</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NetIncomeLoss"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Net income /(loss)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Net loss for the year</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net loss</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net loss</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NetIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net income / (loss)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"
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    <label xlink:type="resource"
      xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">New Accounting Pronouncements Policy Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recent accounting pronouncements</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract"
      xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Nonoperating Income Expense [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Income/ (Expenses):</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_NonoperatingIncomeExpense"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonoperatingIncomeExpense" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_NonoperatingIncomeExpense"
      xlink:to="us-gaap_NonoperatingIncomeExpense_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_NonoperatingIncomeExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total income (expenses)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_NonoperatingIncomeExpense_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other expenses, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OfficersCompensation"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OfficersCompensation"
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    <label xlink:type="resource"
      xlink:label="us-gaap_OfficersCompensation_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Executive directors consultancy fees</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingCostsAndExpenses"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingCostsAndExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingCostsAndExpenses"
      xlink:to="us-gaap_OperatingCostsAndExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingCostsAndExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Operating Costs And Expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingCostsAndExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel operating expenses (Note 17)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingCostsAndExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total vessel operating expenses</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingExpensesAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpensesAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingExpensesAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpensesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/positiveLabel">Vessel operating expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpensesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Operating Expenses [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpensesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpensesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Voyage expenses</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingExpenses"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingExpenses"
      xlink:to="us-gaap_OperatingExpenses_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total Operating Expenses</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingExpenses_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Operating Expenses</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingIncomeLoss"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingIncomeLoss"
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    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Operating income/(loss)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingIncomeLoss_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Operating income/(loss)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract"
      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Future minimum contractual charter revenue</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent"
      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableCurrent</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">2013</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears"
      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">2017</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears"
      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInFourYears</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">2016</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears"
      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">2015</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears"
      xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">2014</label>
    <loc xlink:type="locator"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other operational loss</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Expenses</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Operational Gain [Abstract]</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other operational gain</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other operational gain (Note 9)</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Other non-current liabilities</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other non-cash charges</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Other Noncash Income</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Total other income/(expense), net</label>
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      xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total other expenses, net</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cash dividend</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Financing fees paid</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Offering expenses paid related to the issuance of common stock</label>
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      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Offering expenses paid related to the issuance of common stock</label>
    <loc xlink:type="locator"
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    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/label">Payments To Acquire Intangible Assets</label>
    <label xlink:type="resource"
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payments to acquire intangible assets</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets_lbl"
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      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Cash paid for above market acquired time charters</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Private Placement</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from bank loans</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Insurance proceeds</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Proceeds from initial public offering</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Proceeds from issuance of common stock</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Cash proceeds from vessel sale</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels' depreciation method</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels and Other Fixed Assets, Net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentGrossAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGrossAbstract" />
    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentGrossAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Cost</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentGross"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
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      xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total cost</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems"
      xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels [Line Items]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination [Line Items]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Vessel</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" />
    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_PropertyPlantAndEquipmentNetAbstract"
      xlink:to="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Net [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">FIXED ASSETS</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" />
    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_PropertyPlantAndEquipmentNet"
      xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Total fixed assets</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels and other fixed assets, net</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total Fixed Assets</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"
      xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">PropertyPlantAndEquipmentPolicyTextBlock</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessels, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentTextBlock"
      xlink:to="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Schedule of vessels and other fixed assets, net</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of vessels and other fixed assets, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain"
      xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Vessels [Domain]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife"
      xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Property Plant And Equipment Useful Life</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vessel's useful life</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ProvisionForDoubtfulAccounts"
      xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Bad debt expense (Note 15 and 16)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Bad debt expense</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Bad debt expense (Note 16)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Bad debt expense</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_ReceivablesPolicyTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ReceivablesPolicyTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_ReceivablesPolicyTextBlock"
      xlink:to="us-gaap_ReceivablesPolicyTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_ReceivablesPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Receivables Policy Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_ReceivablesPolicyTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trade accounts receivable, net</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyDomain"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyDomain" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyDomain"
      xlink:to="us-gaap_RelatedPartyDomain_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyDomain_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Party (Domain)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionLineItems"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionLineItems"
      xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionsAbstract"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionsAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Transactions with Related Parties [Abstract]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"
      xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Related Parties Transactions [Axis]</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"
      xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Transactions with Related Parties Text Block</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Transactions with Related Parties</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RepaymentsOfBankDebt"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RepaymentsOfBankDebt" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RepaymentsOfBankDebt"
      xlink:to="us-gaap_RepaymentsOfBankDebt_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RepaymentsOfBankDebt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">RepaymentsOfBankDebt</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RepaymentsOfBankDebt_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loan repayment</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RepaymentsOfLinesOfCredit"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RepaymentsOfLinesOfCredit"
      xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Balloon payment</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"
      xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Restricted cash, current (Note 7 and Note 18)</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted cash</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Restricted cash, non-current (Note 7 and Note 18)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RestrictedStockMember"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RestrictedStockMember"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RestrictedStockMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Restricted Stock [Member]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RestrictedStockMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Restricted common shares</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Accumulated deficit</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RetainedEarningsMember"
      xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsMember" />
    <labelArc xlink:type="arc"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RetainedEarningsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings [Member]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RetainedEarningsMember_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Retained Earnings/ (Accumulated deficit)</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_RevenuesAbstract"
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    <labelArc xlink:type="arc"
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      xlink:from="us-gaap_RevenuesAbstract"
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    <label xlink:type="resource"
      xlink:label="us-gaap_RevenuesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Revenues [Abstract]</label>
    <label xlink:type="resource"
      xlink:label="us-gaap_RevenuesAbstract_lbl"
      xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revenues:</label>
    <loc xlink:type="locator"
      xlink:label="us-gaap_Revenues"
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    <labelArc xlink:type="arc"
      xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label"
      xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" />
    <label xlink:type="resource"
      xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US"
      xlink:role="http://www.xbrl.org/2003/role/label">Voyage revenues</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of future minimum contractual charter revenue</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Schedule of inventories</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Maturities Of Long Term Debt [Table Text Block]</label>
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      xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal payments</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions [Table]</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan [Table]</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Class of Stock [Table]</label>
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      xlink:role="http://www.xbrl.org/2003/role/label">Equity Incentive Plan [Line Items]</label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>21
<FILENAME>sblk-20121231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2F">
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          <div style="width: 200px;"><strong>Voyage and Vessel Operating Expenses (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VoyageExpensesTableTextBlock', window );">Voyage expenses</a></td>
        <td class="text"><table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265"></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Voyage&#160; expenses</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Port charges&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.047</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">694</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.484</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Bunkers</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.544</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">915</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">10.788</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Commissions &#8211; third parties</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.180</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.347</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">947</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Commissions &#8211; related parties</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.540</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.237</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.134</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Chartered-in vessel expenses</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">11.180</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">17.909</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.050</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Miscellaneous</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">348</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">327</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">195</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total voyage expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>16.839</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>22.429</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>19.598</b></p>
</td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselOperatingExpensesTableTextBlock', window );">Vessel operating expenses</a></td>
        <td class="text"><table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessel operating expenses</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Crew wages and related costs&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.348</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.938</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.498</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Insurances</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.195</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.399</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.655</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Maintenance, Repairs, Spares and Stores</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.729</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">6.130</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">6.779</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Lubricants</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.925</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.189</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.046</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Tonnage taxes</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">116</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">123</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">169</p>
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<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Upgrading expenses</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">301</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">789</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">19</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Miscellaneous</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">735</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">679</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">666</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total vessel operating expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>22.349</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>27.832</b></p>
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                <p>Tabular disclosure for Vessel Operating expenses (crew wages and related costs, insurances, repairs, spares and maintenance, consumable stores, tonnage taxes, miscellaneous).</p>
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                <p>Tabular disclosure for Voyage expenses (Port charges, bunkers, commissions charged by third parties, commissions charged by related parties).</p>
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          <div style="width: 200px;"><strong>Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="1">27 Months Ended</th>
        <th class="th" colspan="1">52 Months Ended</th>
        <th class="th" colspan="1">36 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">56 Months Ended</th>
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          <div>Star Cosmo</div>
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</div>
          <div>Star Cosmo</div>
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</div>
          <div>Star Cosmo</div>
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</div>
          <div>Star Cosmo</div>
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</div>
          <div>Star Big</div>
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</div>
          <div>Star Mega</div>
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          <div>Dec. 31, 2011

</div>
          <div>Star Sigma</div>
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          <div>Oct. 29, 2013

</div>
          <div>Star Sigma</div>
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          <div>Star Sigma</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter', window );">Amortization of fair value of below market acquired time charters</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 452<span></span></td>
        <td class="nump">$ 1,360<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 452<span></span></td>
        <td class="nump">$ 1,360<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery', window );">Write off of unamortized fair value of below market acquired time charter on vessel redelivery</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">273<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">273<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_GainOnTimeCharterAgreementTermination', window );">Gain on time charter agreement termination</a></td>
        <td class="nump">6,454<span></span></td>
        <td class="nump">2,010<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,734<span></span></td>
        <td class="nump">720<span></span></td>
        <td class="nump">1,210<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FuelQuantity', window );">Metric tons of fuel oil</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,027<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_GrossDailyCharterRate', window );">Gross daily charter rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">36<span></span></td>
        <td class="nump">25<span></span></td>
        <td class="nump">24<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">38<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">43<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselRedeliveryDate', window );">Redelivery date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Feb. 17,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Dec. 31,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jan. 17,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue', window );">Write off of unamortized time charter termination deferred revenue</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 324<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 203<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amortization of the liability arising from the market value of the time charter assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_FuelQuantity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The quantity of oil fuel that was delivered with the delivery of the vessel, in metric tons.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FuelQuantity</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
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                    <td>instant</td>
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            </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_GainOnTimeCharterAgreementTermination">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gain recognized on termination of a contract.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_GainOnTimeCharterAgreementTermination</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross daily charter rate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_GrossDailyCharterRate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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            </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselRedeliveryDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The date the vessel was redelivered from the charterer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselRedeliveryDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The write off of unamortized fair value of below market acquired time charter on vessel's redelivery date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The write off of unamortized time charter termination deferred revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>sblk_WriteOffOfUnamortizedTimeCharterTerminationDeferredRevenue</nobr></td>
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                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentLineItems</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Transactions with Related Parties - Additional Information - Other (Details)<br></strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Combine Marine Inc.

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Combine Marine Inc.

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Combine Marine Ltd.

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Combine Marine Ltd.

</div>
          <div>EUR (&#x20AC;)</div>
        </th>
        <th class="th">
          <div>Sep. 28, 2012

</div>
          <div>Maiden Voyage LLC

</div>
          <div>USD ($)</div>
        </th>
        <th class="th">
          <div>Oct. 19, 2012

</div>
          <div>OOCAPE1 Holdings LLC

</div>
          <div>USD ($)</div>
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      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_RentExpensePerMonth', window );">Rent expense per month</a></td>
        <td class="nump">$ 6,600<span></span></td>
        <td class="nump">&#x20AC; 5,000<span></span></td>
        <td class="nump">$ 3,300<span></span></td>
        <td class="nump">&#x20AC; 2,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DailyManagementFee', window );">Daily fixed management fee</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 750<span></span></td>
        <td class="nump">$ 750<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_DailyManagementFee">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fee rate charged daily, persuant to the management agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_DailyManagementFee</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_RentExpensePerMonth">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of monthly rental.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_RentExpensePerMonth</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6IAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Accrued Liabilities (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAbstract', window );"><strong>Accrued Liabilities Current [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AuditFees', window );">Audit fees</a></td>
        <td class="nump">$ 159<span></span></td>
        <td class="nump">$ 213<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LegalFeesAccruedLiabilities', window );">Legal fees</a></td>
        <td class="nump">7<span></span></td>
        <td class="nump">7<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AccruedProfessionalFeesOtherCurrent', window );">Other professional fees</a></td>
        <td class="nump">26<span></span></td>
        <td class="nump">52<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AccruedOperatingAndVoyageExpenses', window );">Vessel Operating and voyage expenses</a></td>
        <td class="nump">1,835<span></span></td>
        <td class="nump">2,039<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AccruedLoanInterestAndFinancingFees', window );">Loan interest and financing fees</a></td>
        <td class="nump">1,395<span></span></td>
        <td class="nump">1,559<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total Accrued Liabilities</a></td>
        <td class="nump">$ 3,422<span></span></td>
        <td class="nump">$ 3,870<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AccruedLoanInterestAndFinancingFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for loan interest and financing fees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AccruedLoanInterestAndFinancingFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AccruedOperatingAndVoyageExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for operating and voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AccruedOperatingAndVoyageExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AccruedProfessionalFeesOtherCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for other professional fees, excluding legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AccruedProfessionalFeesOtherCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AuditFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for  accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AuditFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_LegalFeesAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for legal services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_LegalFeesAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EOFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Long-term Debt (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByMaturityAbstract', window );"><strong>Long-term Debt - Principal payments</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths', window );">December 31, 2013</a></td>
        <td class="nump">$ 28,766<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo', window );">December 31, 2014</a></td>
        <td class="nump">23,300<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree', window );">December 31, 2015</a></td>
        <td class="nump">28,215<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour', window );">December 31, 2016</a></td>
        <td class="nump">96,745<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive', window );">December 31, 2017</a></td>
        <td class="nump">3,941<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive', window );">December 31, 2018 and thereafter</a></td>
        <td class="nump">43,147<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
        <td class="nump">$ 224,114<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtByMaturityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtByMaturityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next rolling twelve months following the latest balance sheet presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth rolling twelve months following the latest balance sheet presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fifth rolling twelve months following the latest balance sheet presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth rolling twelve months following the latest balance sheet presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third rolling twelve months following the latest balance sheet presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second rolling twelve months following the latest balance sheet presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ENDAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Voyage and Vessel Operating Expenses - Vessel Operating Expenses (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Vessel operating expenses</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalariesAndWages', window );">Crew wages and related costs</a></td>
        <td class="nump">$ 14,498<span></span></td>
        <td class="nump">$ 12,938<span></span></td>
        <td class="nump">$ 12,348<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralInsuranceExpense', window );">Insurances</a></td>
        <td class="nump">2,655<span></span></td>
        <td class="nump">2,399<span></span></td>
        <td class="nump">2,195<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectOperatingMaintenanceSuppliesCosts', window );">Maintenance, Repairs, Spares and Stores</a></td>
        <td class="nump">6,779<span></span></td>
        <td class="nump">6,130<span></span></td>
        <td class="nump">4,729<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LubricantsExpense', window );">Lubricants</a></td>
        <td class="nump">3,046<span></span></td>
        <td class="nump">2,189<span></span></td>
        <td class="nump">1,925<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_TonnageTax', window );">Tonnage taxes</a></td>
        <td class="nump">169<span></span></td>
        <td class="nump">123<span></span></td>
        <td class="nump">116<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_UpgradingExpense', window );">Upgrading Expenses</a></td>
        <td class="nump">19<span></span></td>
        <td class="nump">789<span></span></td>
        <td class="nump">301<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">Miscellaneous</a></td>
        <td class="nump">666<span></span></td>
        <td class="nump">679<span></span></td>
        <td class="nump">735<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Total vessel operating expenses</a></td>
        <td class="nump">$ 27,832<span></span></td>
        <td class="nump">$ 25,247<span></span></td>
        <td class="nump">$ 22,349<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_LubricantsExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of lubricants consumed during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_LubricantsExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The tonnage taxes for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_TonnageTax</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The upgrading expenses incurred during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>sblk_UpgradingExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectOperatingMaintenanceSuppliesCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs of maintenance supplies used that are directly related to goods produced and sold, or services rendered, during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a),(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DirectOperatingMaintenanceSuppliesCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralInsuranceExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The expense in the period incurred with respect to protection provided by insurance entities against risks other than risks associated with production (which are allocated to cost of sales).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralInsuranceExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_OperatingCostsAndExpenses</nobr></td>
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                  <tr>
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                    <td><nobr>us-gaap_OperatingExpensesAbstract</nobr></td>
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                    <td>us-gaap_</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostAndExpenseOperating</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                  <tr>
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                    <td><nobr>us-gaap_SalariesAndWages</nobr></td>
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          <div style="width: 200px;"><strong>Transactions with Related Parties - Statements of Operations (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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          <div>Dec. 31, 2012</div>
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        <td class="nump">478<span></span></td>
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        <td class="nump">91<span></span></td>
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        <td class="nump">124<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">40<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Maiden Voyage LLC (f)</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeesBaseRevenue', window );">Management fee income</a></td>
        <td class="nump">128<span></span></td>
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        <td class="nump">0<span></span></td>
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      <tr class="rh">
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeesBaseRevenue', window );">Management fee income</a></td>
        <td class="nump">$ 76<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Commisions on sale of assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_CommisionsOnSaleOfAssets</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expenditures for compensation for non executive officers.Examples include, but not limited to, Board of Director's attendance fees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_NonExecutiveDirectorsCompensation</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The payments made by related parties on behalf of reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_PaymentsByRelatedPartiesOnBehalfOfReportingEntity</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td>debit</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LeaseAndRentalExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Base revenue, as contractually stipulated, for operating and managing another entity's business during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
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                    <td><nobr>us-gaap_ManagementFeesBaseRevenue</nobr></td>
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                    <td>credit</td>
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                  <tr>
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                    <td><nobr>us-gaap_RelatedPartyTransactionLineItems</nobr></td>
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                    <td>us-gaap_</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Primarily represents commissions incurred in the period based upon the sale by commissioned employees or third parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by third parties (such as a distributor or value added reseller).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesCommissionsAndFees</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to delivering management services during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ServiceManagementCosts</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long-term Debt (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Years</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2013</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.766</p>
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<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2014</p>
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<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">23.300</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2015</p>
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<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.215</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2016</p>
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<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67">
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                <p>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</p>
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                <p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EEFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and Contingencies - Legal Description (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Gamma And Star Cosmo [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessels [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LegalMattersAndContingenciesTextBlock', window );">Legal matters</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 1.0in; mso-layout-grid-align: none;" class="msonormal">In February 2011, Korea Line Corporation ("KLC"), charterers at the time of the vessel Star Gamma and of the vessel Star Cosmo commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by the KLC's creditors on October 14, 2011, the Company was entitled to receive an amount of $6,839, 37% of which will be repaid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares. The Company will receive one common share of KLC with par value of KRW 5,000 (approx. $0.0047) for each KRW 100,000 (approx. $0.09) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be locked up for six months before trade. The Company does not expect that will have either control or significant influence over KLC as a result of the shares entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with the KLC under which the Company received an amount of $172 in October 2011 and an amount of $172 in January 2013, as part of the due hire for Star Gamma. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels Star Gamma and Star Cosmo following the exercise of liens on the subhires due to KLC.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 21.3pt; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">Under these agreements the Company received an amount of $86 from Star Gamma subcharter in December 2011 and an amount of $121 in March 2012 from Star Cosmo subcharterer. As of December 31, 2011, the Company determined that an amount of $498 was not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision which is included under "Bad debt expense" in the accompanying consolidated statements of loss.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 21.3pt; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">On November 19, 2012, the Company received 46,007 shares of KLC as part of the rehabilitation plan described above for the vessel Star Gamma, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to $144. In December 2012, the Company also received an amount of $12 and $1 in cash, for Star Gamma and Star Cosmo respectively, pursuant to the terms of the rehabilitation plan. Total amount of $157 is included under "Other operational gain" in the accompanying consolidated statements of loss for the year ended December 31, 2012 (Note 9). The next bunch of 2,872 shares for the vessel Star Cosmo is expected to be released from lock up on June 4, 2013.</p><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Epsilon And Star Kappa [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessels [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LegalMattersAndContingenciesTextBlock', window );">Legal matters</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd; mso-pagination: none; tab-stops: 35.45pt; mso-layout-grid-align: none;" class="msonormal">The Company commenced arbitration proceedings against Ishhar Overseas that was the previous charterer of the vessels Star Epsilon and Star Kappa. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessel as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period of the charter parties. Claim submissions were filed. As of December 31, 2011, the Company determined that this amount was not recoverable and recognized a provision for doubtful receivables, amounting to $1,949, which is included under "Bad debt expense" in the accompanying consolidated statements of loss for the year ended December 31, 2011. On September 5, 2012, a settlement agreement was signed between the shipowning companies of Star Epsilon and Star Kappa and Bhatia International Ltd, which is the parent company of Ishhar Overseas. Pursuant to the terms of this agreement the Company will receive an amount of $5,000 in seventeen installments.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; tab-stops: 35.45pt; mso-layout-grid-align: none;" class="msonormal">The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments varying between $250 and $500 will be received the last day of each month beginning from September 30, 2012. As of December 31, 2012 the Company has received an amount of $2,514 under the respective agreement which is included under "Other operational gain" in the accompanying consolidated statement of operations for the year ended December 31, 2012 (Note 9).</p><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.</p>
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<TEXT>
<html>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWPAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long-term Debt - Terms, Covenants and Amendments (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commerzbank AG (Loan agreement dated December 27, 2007)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPaymentTerms', window );">Loan repayment terms</a></td>
        <td class="text">Under the terms of this loan facility, the repayment of $120,000 is over a nine year term and divided into two tranches. The first of up to $50,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $2,250 each, (ii) the next thirteen installments amount to $1,000 each (iii) the remaining eleven installments amount to $1,300 each and a final balloon payment of $13,700 is payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $4,000 each (ii) the remaining twenty-four installments amount to $1,750 each and a final balloon payment of $12,000 is payable together with the last installment.<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Loan covenants</a></td>
        <td class="text">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, and (iii) an aggregate market value of the vessels mortgaged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commerzbank AG (Loan agreement dated September 3, 2010)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPaymentTerms', window );">Loan repayment terms</a></td>
        <td class="text">The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, which commenced in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment.<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Loan covenants</a></td>
        <td class="text">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, (iii) an actual pledged amount of $650 for this vessel that will increase to $1,000 when cash pledged due to waiver dated December 24, 2009 shall be released, and (iv) an aggregate market value of the vessel mortgaged as security under this loan agreement not less than 135% of the then outstanding borrowings at all times.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commerzbank AG Aggregate Facility</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On December 17, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amend the terms included in both loan agreements of $120,000 and $26,000 with Commerzbank AG (see a and b), as described below:
? To defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, (the ?Deferred Amounts?); the Deferred Amounts will be added to the balloon payments, payable upon the expiration of the loan agreements in the fourth quarter of 2016 or in accordance with a cash sweep mechanism (see discussion below);
? The on-charter covenant for the vessel Star Aurora on the $26,000 loan agreement to be waived until July 31, 2015;
? Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be reduced from 135%, to 80%, from September 30, 2012 up to the year ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014 and to 110% for the six month period ending June 30, 2015. Thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%;
? Minimum liquidity requirement will be reduced to $500 for each of the Company?s vessels from $1,000, until December 31, 2014;
? The actual pledged amount on the $26,000 loan agreement, to be reduced to $750 from $1,000;
? Margin to be increased to 3.00% p.a., for both facilities for as long as deferred amounts are outstanding and/or until original terms are complied with;
? The Company to pay a flat fee of 0.40% of the combined outstanding loan amount of the two facilities to the lender;
? The market value adjusted equity ratio to be reduced to 15% from 25%, from September 30, 2012 up to the year ending December 31, 2014;
? Additional financial covenant requirement to be added, ratio of EBITDA (as will be defined in the definitive documentation) to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.
These amendments will apply, subject to several conditions, as described below:
? A semi-annual cash sweep mechanism to be implemented on all mortgaged vessels on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as repayment of the Deferred Amounts;
? Star Bulk Carriers Corp. shall not pay any dividends following the agreement with the Bank as long as Deferred Amounts are outstanding and/or until original terms are complied with;
? A prepayment of $2.0 million, payable by December 31, 2012, to be applied pro rata against the balloon payments of the two facilities;
? An equity increase of $30.0 million to be effected until and including December 31, 2013;
? Increase the Company?s vessel management services to cover at least 10 third-party vessels by December 31, 2013.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">HSH Nordbank AG (Loan agreement dated October 3, 2011)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPaymentTerms', window );">Loan repayment terms</a></td>
        <td class="text">The borrowing under this new loan agreement together with $5,326 in cash used to repay in full the Company?s indebtedness under its old loan agreements with Piraeus Bank S.A; a term loan of $150,000 dated April 14, 2008 and of a term loan of $35,000 dated July 1, 2008, in 2011. The senior secured term loan facility consisted of two tranches. The first tranche amounted to $48,500 the (?Supramax Tranche?) and is repayable in 20 quartely consecutive installments of $1,250 each, which commenced in January 2012, and a final balloon payment of $23,500. The second tranche amounted to $16,000 the (?Capesize Tranche?) and is repayable in 12 consecutive installments of $1,333 each, which commenced in January 2012.<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Loan covenants</a></td>
        <td class="text">This loan agreement contains financial covenants including requirements to maintain (i) the ratio of indebtedness of the borrower over the aggregate fair market value of the assets shall not be greater than 75% until December 31, 2013 and 70% thereafter; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) an actual pledged amount of $2,000 or $400 for each mortgaged vessel under this credit facility, whichever is greater; (v) a minimum liquidity of $10,000; (vi) an actual pledged amount of $6,504 representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date; and (vii) an aggregate market value of the vessels mortgaged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Capesize Tranche and (b) 167% of the then outstanding borrowings thereafter. <span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On December 21, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amended terms with HSH Nordbank AG, as described below:
? To defer of a minimum of approximately $3.5 million during the period from January 1, 2013 until December 31, 2014;
? To prepay in total $6.6 million of which $3.5 million will be applied against the balloon payment of Supramax Tranche and $3.1 million will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013, using pledged cash already held by the bank. This pledged amount will cease being a requirement for this facility following the prepayment;
? The actual pledged amount to be reduced to $200 from $400 for each mortgaged vessel under this credit facility. The released amount of $800 to be used as a partial prepayment of the Supramax Tranche (50% to be applied against the balloon payment of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013).
? The minimum liquidity of $10,000 to be reduced to $7,000 or $500 per fleet vessel until and including December 31, 2014;
? The ratio of indebtedness of the borrowers over the aggregate fair market value of assets to be increased to 90% from 75% until and including December 31, 2014;
? The minimum market adjusted net worth of the Company to be decreased to $30,000 from $100,000 until and including December 31, 2014;
? The asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 100% from September 30, 2012 until and including December 31, 2012 and to 110% from January 1, 2013 until and including December 31, 2013. Thereafter and until the repayment of the loan, the asset cover ratio to return to 125%;
? The margin to be increased to 3.50% for both Suparamax and Capesize Tranches from 3.00% and 2.75% for the Capesize and the Supramax Tranche, respectively, from January 1, 2013 until December 31, 2014 (in the case that an event of default and/or covenant breach, has occurred, the increased margin will apply until the breach is remedied);
? The waiver of the aggregated market value covenant, which required the vessels mortgaged under this loan agreement to maintain a value of 167% of the outstanding borrowings, upon the repayment of the Capesize Tranche, until and including December 31, 2013.
These amendments will apply, subject to several conditions, as described below:
? A semi-annual cash sweep mechanism will be effected from June 30, 2013 and will be implemented on all vessels mortgaged under this loan agreement on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as applied to the balloon payment of the Supramax Tranche.
? In the event of the sale of the vessel Star Sigma during the calendar years 2013 and 2014, proceeds from such sale will be used to fully repay the Capesize Tranche, while the remaining amount will be applied pro-rata against the remaining quarterly repayment installments of the Supramax Tranche until December 31, 2014;
? Star Bulk Carriers Corp. and the ship-owning subsidiaries shall not pay any dividends following the agreement with the Bank until December 31, 2014, or later in case of a covenant breach;
? An equity increase of a minimum of $20.0 million within the year ending December 31, 2013 and starting to apply from October 1, 2013, the proceeds of which are to be used solely for investment on new vessels? acquisition(s);
? Payment of a one-time processing fee of $12.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Credit Agricole Corporate and Investment Bank (Loan agreement dated January 20, 2011)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPaymentTerms', window );">Loan repayment terms</a></td>
        <td class="text">Under the terms of this term loan facility, the repayment is over a seven year period and commenced three months after the delivery of each vessel. The loan is repayable in twenty eight consecutive quarterly installments, per vessel, amounting to $485.4 and $499.7, respectively and a final balloon payment which is payable together with the last installment of $19,558.2 and $20,134 for Star Borealis and Star Polaris, respectively.<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Loan covenants</a></td>
        <td class="text">This loan agreement with Credit Agricole Corporate and Investment Bank contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $500 per fleet vessel, whichever is greater, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.7:1, effective from October 15, 2011, and (iii) an actual pledged amount of $500 per mortgaged vessel and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration such approved charter.<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On December 14, 2012, the Company agreed to enter into a loan supplemental agreement and agreed, to amended terms with Cr?dit Agricole Corporate and Investment Bank, as described below:
? The ratio of the total indebtedness of the borrower less liquid funds over the market value of all vessels owned to be increased to 0.95:1.0 from 0.7:1.0 until March 31, 2014;
? Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount will be amended to 105% from 120% until the March 31, 2014. Thereafter and until the repayment of the loan the asset cover ratio will return to its initial level;
? Minimum liquidity will be decreased to $7,000 or $500 per fleet vessel, whichever is higher, from $10,000;
? Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014 and as long as the financial covenants included in the original agreement dated January 20, 2011 are not met. During this period, all surplus earnings of the financed vessels under the specific loan agreement, after operating expenses and debt service will be held in lender?s account and not to be distributed to the Company.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">ABN Amro Bank N.V. (Loan agreement dated June 22, 2011)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPaymentTerms', window );">Loan repayment terms</a></td>
        <td class="text">This senior secured credit facility is repayable in 18 consecutive quarterly installments which commenced three months after the initial borrowings, in October 2011. The first 14 installments amount to $1,400 each, the remaining four installments amount to $625 each and a final balloon payment of $8,900 is payable together with the last installment.<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Loan covenants</a></td>
        <td class="text">This senior secured credit facility contains financial covenants and other customary covenants, including requirements to maintain: (i) the leverage ratio shall not be greater than 70%, (ii) a ratio of EBITDA  to interest expense, no less than 3.0:1.0, (iii) minimum liquidity of $10,000 or $750 for each of the Company's vessels, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100,000 and (v) a maintenance reserve account up to $1,500 which can only be used for the payment of the dry-docking of vessel Star Mega. The total amount included in the maintenance reserve account was released in September 2012 in order to cover part of the respective vessel?s dry-docking cost. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Big and Star Mega of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the time charter of Star Mega and 150% thereafter. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of the Company's outstanding common shares.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">First Amendment | Commerzbank AG (Loan agreement dated December 27, 2007)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On June 10, 2009, the Company entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111%. As further security for this facility, the Company shall provide a first preferred mortgage on the vessel Star Alpha and shall pledge an amount of $6,000 to the lenders. Furthermore, the interest spread was increased to 2.00% p.a. for the duration of the waiver period. Subsequent to the waiver period, if the asset cover percentage is less than 60%, between 60% to 70%, between 70% to 75% and more than 75%, the interest spread should be 0.8%, 0.9%, 1.0% and 1.25% respectively. In addition, during the waiver period, payments of dividend, share repurchases, and investments are subject to the prior written consent of the lenders.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">First Amendment | ABN Amro Bank N.V. (Loan agreement dated June 22, 2011)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On March 16, 2012, the Company entered into a supplemental agreement with ABN AMRO Bank (the Company was committed to this agreement as of January 26, 2012). Under the terms of this agreement for the period from January 26, 2012 until January 31, 2013 the ?Waiver Period?, the minimum security cover ratio was reduced to 100%, the leverage ratio increased to 75% and the margin increased to 3.4% p.a. from 2.9% p.a.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Second Amendment | Commerzbank AG (Loan agreement dated December 27, 2007)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On December 24, 2009, the Company entered into a second supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011 the security cover shall be at least 111% and 118%, respectively whether at all times thereafter 135%. Furthermore, the bank consented to: i) the sale of Star Alpha, ii) the payment of dividends not exceeding $0.05 per share in each quarter iii) the reduction of minimum liquidity from $1,000 to $650 per fleet vessel, iv) the increase of the pledged deposit by $1,250 from $6,000 to $7,250. The interest spread was also maintained to 2.00% p.a. for the duration of the waiver period. Based on the same agreement after the waiver period on January 31, 2011, the minimum liquidity was increased from $650 to $1,000 per fleet vessel and the pledged deposit of $7,250 was released.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Second Amendment | ABN Amro Bank N.V. (Loan agreement dated June 22, 2011)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanAmendmentDisclosure', window );">Loan amendment</a></td>
        <td class="text">On January 29, 2013, the Company entered into a waiver agreement with ABN Amro Bank N.V. Under the terms of this agreement for the period from October 1, 2012 until December 31, 2014 the ?New Waiver Period?, it is agreed to amended terms as described below:
? The minimum market adjusted net worth of the group to be decreased to $30,000 from $100,000;
? The minimum liquidity of $750 per fleet vessel to be reduced to $500 per fleet vessel;
? Ratio of EBITDA to interest expense to be decreased to 1.5:1.0 from 3.0:1.0;
? Total leverage ratio of the corporate guarantor to be increased to 110% from 75%;
? Minimum security cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 75% from 100%.
These amendments will apply, subject to several conditions, as described below:
? Margin increase of 50bp if the Company fails to raise equity in an amount of $30.0 million until March 31, 2013;
? Star Bulk Carriers Corp. shall not pay any dividends during the New Waiver Period.<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The description of the amendments on the terms of loan/credit facility.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (g)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKJAC">
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          <div style="width: 200px;"><strong>Trade Accounts Receivable, Net - Allowance Movement (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="3">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 3,139<span></span></td>
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        <td class="nump">3,139<span></span></td>
        <td class="nump">2,131<span></span></td>
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        <td class="nump">$ 0<span></span></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableChargeOffs">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of direct write-downs of receivables charged against the allowance for doubtful accounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivableChargeOffs</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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<DOCUMENT>
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<SEQUENCE>35
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EECAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Fair Value measurements - Additional Information (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Cash margin requirement for future trades</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 82<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Freight Derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Cash margin requirement for future trades</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">82<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Freight and Bunker Derivatives</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_RestrictedCashForFutureDerivativeTrades', window );">Restricted cash for future trades</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 153<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_RestrictedCashForFutureDerivativeTrades</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FIN39-1<br><br> -Paragraph 10A, 10B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 7<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 4, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13495-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeLiabilitiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeLineItems</nobr></td>
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                  <tr>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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          </td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2AAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Voyage and Vessel Operating Expenses - Voyage Expenses (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Voyage expenses</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_PortCharges', window );">Port Charges</a></td>
        <td class="nump">$ 2,484<span></span></td>
        <td class="nump">$ 694<span></span></td>
        <td class="nump">$ 1,047<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FuelCosts', window );">Bunkers</a></td>
        <td class="nump">10,788<span></span></td>
        <td class="nump">915<span></span></td>
        <td class="nump">1,544<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesCommissionsAndFees', window );">Commissions - third parties</a></td>
        <td class="nump">947<span></span></td>
        <td class="nump">1,347<span></span></td>
        <td class="nump">1,180<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_RelatedPartiesCommissionsFees', window );">Commissions - related parties</a></td>
        <td class="nump">1,134<span></span></td>
        <td class="nump">1,237<span></span></td>
        <td class="nump">1,540<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesRentExpenseNet', window );">Chartered-in vessel expenses</a></td>
        <td class="nump">4,050<span></span></td>
        <td class="nump">17,909<span></span></td>
        <td class="nump">11,180<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostOfOperatingRevenue', window );">Miscellaneous</a></td>
        <td class="nump">195<span></span></td>
        <td class="nump">327<span></span></td>
        <td class="nump">348<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VoyageExpenses', window );">Total voyage expenses</a></td>
        <td class="nump">$ 19,598<span></span></td>
        <td class="nump">$ 22,429<span></span></td>
        <td class="nump">$ 16,839<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_PortCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts charged by port authorities for the use of infrastructure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_PortCharges</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_RelatedPartiesCommissionsFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Primarily represents commissions incurred in the period based upon the sale by related parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by related parties (such as a distributor or value added reseller).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_RelatedPartiesCommissionsFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VoyageExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs relating to the voyages performed by the vessels and may include port, canal, bunker expenses, commissions and other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VoyageExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FuelCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fuel costs incurred that are directly related to goods produced and sold and services rendered during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a),(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FuelCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesRentExpenseNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41499-112717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesRentExpenseNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostOfOperatingRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other costs incurred during the reporting period related to other revenue generating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostOfOperatingRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesCommissionsAndFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Primarily represents commissions incurred in the period based upon the sale by commissioned employees or third parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by third parties (such as a distributor or value added reseller).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesCommissionsAndFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
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<DOCUMENT>
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<SEQUENCE>37
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EOFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Commitments and Contingencies (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesNotBillableAtBalanceSheetDateAbstract', window );"><strong>Years ending December 31,</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent', window );">2013</a></td>
        <td class="nump">$ 39,873<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears', window );">2014</a></td>
        <td class="nump">22,355<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears', window );">2015</a></td>
        <td class="nump">16,950<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears', window );">2016</a></td>
        <td class="nump">8,761<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears', window );">2017</a></td>
        <td class="nump">9,034<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter', window );">2018 and thereafter</a></td>
        <td class="nump">31,630<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable', window );">Total</a></td>
        <td class="nump">$ 128,603<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Future minimum rental payments in aggregate as of the balance sheet date under operating leases.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 23<br><br> -Subparagraph b(ii)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Future rental payments receivable within one year of the balance sheet date under an operating lease.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 23<br><br> -Subparagraph b(ii)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Future rental payments receivable within the fifth year from the balance sheet date under an operating lease.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 23<br><br> -Subparagraph b(ii)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Future rental payments receivable within the fourth year from the balance sheet date under an operating lease.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 23<br><br> -Subparagraph b(ii)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Future rental payments receivable within the third year from the balance sheet date under an operating lease.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 23<br><br> -Subparagraph b(ii)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Future rental payments receivable within the second year from the balance sheet date under an operating lease.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 23<br><br> -Subparagraph b(ii)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <td class="text"><p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;">18.&#160;&#160;&#160; Fair value measurements:</b></font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">The guidance related to Fair Value Measurements requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</font></p>
<p style="line-height: 115%; text-indent: -42.55pt; margin: 0in 0in 0pt 63.8pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">Level 1:&#160;&#160;&#160;&#160;Quoted market prices in active markets for identical assets or liabilities;</font></p>
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<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">The Company trades in the freight derivatives (FFAs and freight options) and bunker derivatives markets with an objective to utilize those instruments as economic hedge instruments that can be highly effective in reducing the risk on specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Freight derivatives and bunker derivatives trading do not qualify for cash flow hedges for accounting purposes, therefore resulting gains or losses are recognized in the accompanying consolidated statements of operations.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">Dry bulk shipping freight derivatives have the following characteristics: they cover periods from several days and months to one year or more years; they can be based on time charter rates or freight rates on specific quoted routes; and they are executed between two parties. All Company's freight derivatives are cleared transactions. During 2010, the Company entered into several FFA contracts. All of the Company's FFAs are settled on a daily basis through the London Clearing House (LCH). There is also a margin maintenance requirement based on marking the contract to market. Freight options are treated as assets/liabilities until they are settled. During 2011 and 2012, the Company entered into several Freight derivatives, including freight options. As of December 31, 2011 fair value of derivative instruments liability, determined through Level 1 inputs of the fair value hierarchy as defined in ASC 820-10-35 Fair Value Measurements and Disclosure, Subsequent Re-measurement of FASB Accounting Standard Codification (ASC), was $82. As of December 31, 2012 the Company had no open positions on freight derivatives.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">Bunker derivatives are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company's derivatives are traded as a derivative on the over-the-counter (OTC) market. During 2010, the Company entered into several bunker swap contracts. As of December 31, 2011 and 2012, the Company had no open positions on bunkers swaps.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">As of December 31, 2011 and 2012, the cash margin requirement for future trades (of both freight and bunker derivatives) was $153 and $0 and is classified as short-term restricted cash in the accompanying consolidated balance sheets.</font></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160;</b></font></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>2012</b></font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Freight Derivatives</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">$</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">2.078</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">$</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">390</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">$</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-41&#160;</font></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Bunker Derivatives</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">5</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160; </b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160;</b></font></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>$</b></font></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>2.083</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160;</b></font></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>$</b></font></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>390</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160;</b></font></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>$</b></font></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>-41&#160; </b><b></b></font></p>
</td>
</tr>
</table>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160;</b></font></p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and non-current restricted cash balances, bearing interest at variable interest rates, approximate their recorded values as of December 31, 2012.</font></p>
<p style="line-height: 115%; margin: 12pt 0in 0pt 21.25pt; mso-pagination: none;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;">Fair value on a nonrecurring basis</b></font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">As a result of the decline in charter rates and vessel values during the last four years and because market expectations for future rates are low and vessel values are unlikely to increase to the high levels of 2008 in the foreseeable future, the Company reviewed, as of December 31, 2011 and September 30, 2012, the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review as of December 31, 2011 indicated that such carrying amount was not recoverable for two of the Company&#8217;s vessels; Star Ypsilon and Star Sigma and as of September 30, 2012 indicated that such carrying amount was not recoverable for the Company&#8217;s eight Supramax vessels and one of the Company&#8217;s oldest Capesize vessel, Star Sigma. Details of the impairment charge for each vessel, as of December 31, 2011, are noted in the table below.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
<table style="margin: auto auto auto 4.45pt; width: 753px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 339pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="452" colspan="3">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Fair Value Measurements Using</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
</td>
</tr>
<tr style="height: 45pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Vessel</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Quoted Prices in Active Markets for Identical Assets</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Significant Other Observable Inputs</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Significant Unobservable Inputs</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Vessel impairment loss</b></font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>(Level 1)</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>(Level 2)</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>(Level 3)</b></font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Ypsilon</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">11.500</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">30.754</font></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Sigma</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">14.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">31.266</font></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>TOTAL</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160; </b></font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>25.500</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160; </b></font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>62.020</b></font></p>
</td>
</tr>
</table>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt 0.3in;" class="msonormal"><font style="font-family: times new roman,times;">Details of the impairment charge for each vessel, as of December 31, 2012, are noted in the table below.</font></p>
<div><font style="font-family: times new roman,times;">&#160;</font></div>
<table style="margin: auto auto auto 4.45pt; width: 624px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; background-color: transparent; padding-left: 5.4pt; width: 6.5in; padding-right: 5.4pt; height: 15pt; padding-top: 0in; border: #ece9d8;" width="624" colspan="5">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Fair Value Measurements Using</b></font></p>
</td>
</tr>
<tr style="height: 45pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Vessel</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Quoted Prices in Active Markets for Identical Assets</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Significant Other Observable Inputs</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Significant Unobservable Inputs</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>Vessel impairment loss</b></font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>(Level 1)</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>(Level 2)</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>(Level 3)</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>&#160;</b></font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Cosmo</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">14.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">45.838</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Delta</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">12.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">35.836</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Epsilon</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">13.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">36.756</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Gamma</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">14.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">36.033</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Kappa</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">13.500</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">39.115</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Omicron</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">17.750</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">39.841</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Theta</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">15.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">36.784</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Zeta</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">15.250</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">29.811</font></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">Star Sigma</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">9.000</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;">3.205</font></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>TOTAL</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>-</b></font></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>123.500</b></font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>-</b></font></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b>303.219</b></font></p>
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<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt;" class="msonormal"><font style="font-family: times new roman,times;"><strong>&#160;</strong></font></p>
<p style="text-align: justify; line-height: 115%; margin: 12pt 0in 0pt 21.25pt;" class="msonormal"><font style="font-family: times new roman,times;">The fair value is based on the Company's best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independents shipbrokers as of December 31, 2011 and September 30, 2012. The Company recognized a total impairment loss of $62,020 and $303,219, which was included under "Vessel impairment loss" in the accompanying consolidated statements of operations for the year ended December 31, 2011 and 2012, respectively.</font></p><span></span></td>
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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELOAC">
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          <div style="width: 200px;"><strong>Vessels and Other Fixed Assets, Net (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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          <div>Dec. 31, 2011</div>
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          <div>Dec. 31, 2010</div>
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        <td class="nump">$ 876,778<span></span></td>
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        <td class="nump">679<span></span></td>
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        <td class="num">(34,947)<span></span></td>
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        <td class="nump">815,345<span></span></td>
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        <td class="nump">$ 638,532<span></span></td>
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                <p>The gross amount of capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy.</p>
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                <p>No definition available.</p>
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                <p>Gross amount of vessel acquired.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 14<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2420-110228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetImpairmentCharges</nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                <p>Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph b, c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E46AG">
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          <div style="width: 200px;"><strong>Basis of Presentation and General Information - Risk Concentration (Table) (Details)<br></strong></div>
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        <th class="th" colspan="3">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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                <p>Percentage of revenue generated from a single external customer that accounts for 10 percent or more of an entity's revenues.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ENGAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Trade Accounts Receivable, Net - Analysis (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <th class="th">
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 7,901<span></span></td>
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        <td class="nump">0<span></span></td>
        <td class="num">(3,139)<span></span></td>
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        <td class="nump">$ 5,969<span></span></td>
        <td class="nump">$ 4,762<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3<br><br> -Subparagraph a, b<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3-4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Subparagraph a(1)<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract', window );"><strong>Future minimum contractual charter revenue</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Schedule of future minimum contractual charter revenue</a></td>
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<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Years ending December 31,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Amount*</b></p>
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<tr style="height: 20.1pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2013</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">39.873</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2014</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">22.355</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2015</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">16.950</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2016</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">8.761</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2017</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">9.034</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2018 and thereafter</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">31.630</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>128.603</b></p>
</td>
</tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFXBI">
      <tr>
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          <div style="width: 200px;"><strong>Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination - Amount per Vessel (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
        <th class="th" colspan="5"></th>
        <th class="th" colspan="1">2 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="3"></th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1"></th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Epsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Theta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Alpha</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Delta</div>
        </th>
        <th class="th">
          <div>Feb. 17, 2011

</div>
          <div>Star Cosmo</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Cosmo</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Star Cosmo</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Cosmo</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Kappa</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Big</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Big</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Star Big</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Mega</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Mega</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Star Mega</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FiniteLivedIntangibleLiabilitiesNetAbstract', window );"><strong>Fair value of below market acquired time charter</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfBelowMarketAcquiredTimeCharterGross', window );">Fair value of below market acquired time charter</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 91,409<span></span></td>
        <td class="nump">$ 14,375<span></span></td>
        <td class="nump">$ 12,397<span></span></td>
        <td class="nump">$ 46,966<span></span></td>
        <td class="nump">$ 13,815<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3,856<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter', window );">Accumulated amortization as of December 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">89,597<span></span></td>
        <td class="nump">14,375<span></span></td>
        <td class="nump">12,397<span></span></td>
        <td class="nump">46,966<span></span></td>
        <td class="nump">13,815<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,044<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfBelowMarketAcquiredTimeCharter', window );">Balance at beginning of year</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="nump">1,812<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="nump">1,812<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter', window );">Amortization</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="nump">1,360<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="nump">1,360<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">452<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNetAbstract', window );"><strong>Fair value of above market acquired time charter</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfAboveMarketAcquiredTimeCharterGross', window );">Fair value of above market acquired time charter</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">23,065<span></span></td>
        <td class="nump">39,462<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,980<span></span></td>
        <td class="nump">14,417<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13,733<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,332<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter', window );">Accumulated amortization as of December 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,397<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,980<span></span></td>
        <td class="nump">14,417<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfAboveMarketAcquiredTimeCharter', window );">Balance at beginning of year</a></td>
        <td class="nump">20,699<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,553<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,146<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter', window );">Amortization</a></td>
        <td class="nump">6,369<span></span></td>
        <td class="nump">2,366<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">273<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,224<span></span></td>
        <td class="nump">1,180<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,145<span></span></td>
        <td class="nump">1,186<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfAboveMarketAcquiredTimeCharter', window );">Balance at end of year</a></td>
        <td class="nump">$ 14,330<span></span></td>
        <td class="nump">$ 20,699<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 9,329<span></span></td>
        <td class="nump">$ 12,553<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5,001<span></span></td>
        <td class="nump">$ 8,146<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The accumulated amortization of the asset arising from the market value of the time charter assumed from a vessel acquisiton.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AccumulatedAmortizationOfFairValueOfAboveMarketAcquiredTimeCharter</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AccumulatedAmortizationOfFairValueOfBellowMarketAcquiredTimeCharter">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The accumulated amortization of the liability arising from the market value of the time charter assumed from a vessel acquisiton.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amortization of the asset arising from the market value of the time charter assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amortization of the liability arising from the market value of the time charter assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharter</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The asset arising from the market value of the time charter contract assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfAboveMarketAcquiredTimeCharter</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The asset arising from the market value of the time charter contract assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfAboveMarketAcquiredTimeCharterGross</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The liability arising from the market value of the time charter assumed from a vessel acquisition, net of accumulated amortization.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfBelowMarketAcquiredTimeCharter</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The liability arising from the market value of the time charter assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfBelowMarketAcquiredTimeCharterGross</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>instant</td>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>sblk_FiniteLivedIntangibleLiabilitiesNetAbstract</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EMHAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Equity Incentive Plan (Table) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Number of shares</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Unvested at beginning of period</a></td>
        <td class="nump">28,000<span></span></td>
        <td class="nump">3,082<span></span></td>
        <td class="nump">3,666<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted</a></td>
        <td class="nump">90,667<span></span></td>
        <td class="nump">49,867<span></span></td>
        <td class="nump">153,707<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested</a></td>
        <td class="num">(100,000)<span></span></td>
        <td class="num">(24,949)<span></span></td>
        <td class="num">(154,291)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Unvested at end of period</a></td>
        <td class="nump">18,667<span></span></td>
        <td class="nump">28,000<span></span></td>
        <td class="nump">3,082<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Grant Date Fair Value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Unvested at beginning of period</a></td>
        <td class="nump">$ 36.75<span></span></td>
        <td class="nump">$ 39.9<span></span></td>
        <td class="nump">$ 230.1<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted</a></td>
        <td class="nump">$ 13.5<span></span></td>
        <td class="nump">$ 35.7<span></span></td>
        <td class="nump">$ 41.55<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested</a></td>
        <td class="nump">$ 15.67<span></span></td>
        <td class="nump">$ 35.1<span></span></td>
        <td class="nump">$ 46.05<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Unvested at end of period</a></td>
        <td class="nump">$ 36.75<span></span></td>
        <td class="nump">$ 36.75<span></span></td>
        <td class="nump">$ 39.9<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
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                    <td>us-gaap_</td>
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                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(d)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>na</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(d)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><strong> Name:</strong></td>
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                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1F">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Preferred, Common Stock and Additional Paid in Capital - Reverse Stock Split (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_ReverseStockSplitDisclosuresAbstract', window );"><strong>Reverse Stock Split Disclosures [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityReverseStockSplit', window );">Description of the reverse stock split</a></td>
        <td class="text">Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company?s 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company?s common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company?s common stock received a cash payment in lieu of such fractional share.<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_StockholdersEquityReverseStockSplitRatio', window );">Reverse stock split ratio</a></td>
        <td class="text">15-for-1<span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_ReverseStockSplitDisclosuresAbstract</nobr></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The ratio of the reverse stock split.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Description of the reverse stock split arrangement. Also provide the retroactive effect given by the reverse split that occurs after the balance sheet date but before the release of financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 54<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EVQDI">
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        </th>
        <th class="th" colspan="7">12 Months Ended</th>
        <th class="th" colspan="1">11 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1">14 Months Ended</th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">4 Months Ended</th>
        <th class="th" colspan="1">11 Months Ended</th>
        <th class="th" colspan="4">12 Months Ended</th>
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        <th class="th" colspan="1"></th>
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</div>
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</div>
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</div>
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</div>
          <div>EUR (&#x20AC;)</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
          <div>Former CFO

</div>
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</div>
          <div>Former CEO and former CFO

</div>
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</div>
          <div>Former CEO and former CFO

</div>
          <div>USD ($)</div>
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</div>
          <div>Former CEO and former CFO</div>
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        <th class="th">
          <div>Jul. 01, 2009

</div>
          <div>Former CEO and former CFO</div>
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        <th class="th">
          <div>Jul. 01, 2008

</div>
          <div>Former CEO and former CFO</div>
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        <th class="th">
          <div>Feb. 28, 2014

</div>
          <div>CEO</div>
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</div>
          <div>CEO</div>
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</div>
          <div>CEO</div>
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          <div>CEO</div>
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        <th class="th">
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</div>
          <div>CEO

</div>
          <div>USD ($)</div>
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        <th class="th">
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</div>
          <div>CEO

</div>
          <div>EUR (&#x20AC;)</div>
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</div>
          <div>CEO

</div>
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          <div>Dec. 31, 2010

</div>
          <div>CEO

</div>
          <div>USD ($)</div>
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        <th class="th">
          <div>Feb. 07, 2014

</div>
          <div>CEO</div>
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        <th class="th">
          <div>Feb. 07, 2013

</div>
          <div>CEO</div>
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          <div>Feb. 07, 2012

</div>
          <div>CEO</div>
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</div>
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</div>
          <div>USD ($)</div>
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          <div>Dec. 31, 2012

</div>
          <div>COO

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          <div>EUR (&#x20AC;)</div>
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</div>
          <div>COO

</div>
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</div>
          <div>COO

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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 155<span></span></td>
        <td class="nump">&#x20AC; 118<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod', window );">Vested in period</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,667<span></span></td>
        <td class="nump">3,667<span></span></td>
        <td class="nump">3,666<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted</a></td>
        <td class="nump">90,667<span></span></td>
        <td class="nump">49,867<span></span></td>
        <td class="nump">153,707<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,533<span></span></td>
        <td class="nump">5,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">28,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share fair value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 34.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AnnualConsultingFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The annual consulting fees according to contract terms.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AnnualConsultingFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments that has vested during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OfficersCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expenditures for salaries of officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OfficersCompensation</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForPostemploymentBenefits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflows for payments of postemployment benefits (such as severance pay and health insurance benefits) recognized during the period. Postemployment benefits are benefits paid to employees after employment but before retirement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (g)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForPostemploymentBenefits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Price of a single share of a number of saleable stocks of a company.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Significant Accounting policies<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting policies</a></td>
        <td class="text"><p style="margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Significant Accounting policies:</b></font></p>
<p style="text-align: justify; text-indent: -21.25pt; margin: 0.1in 0in 0pt 57.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Principles of consolidation:</i></b> The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="text-align: justify; margin: 0in 0in 0pt 58.3pt; mso-add-space: auto;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times">Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification ("ASC) 810 "Consolidation", (formely Accounting Research Bulletin ("ARB") No.51) a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, and the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.</font></p>
<p style="text-align: justify; margin: 0in 0in 0pt 58.3pt;" class="msolistparagraph"><font style="font-family:times new roman,times"><font style="font-family: times new roman,times;">Variable interest entities ("VIE") are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2011 and 2012, no such interestexisted.</font><font style="font-family: times new roman,times;">&#160;</font></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 10pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Use of estimates: </i></b>The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
<p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b><i>c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Comprehensive income/ (loss): </i></b>&#160;In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 &#8220;Comprehensive Income&#8221;, and presents items of net income, items of other comprehensive income (&#8220;OCI&#8221;) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. The Company has no such transactions which affect comprehensive loss and, accordingly, comprehensive loss equals net loss for all periods presented.</font></p>
<p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: 500.1pt;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Concentration of credit risk: </i></b>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade accounts receivable and derivative contracts (bunker derivatives and freight derivatives). The Company's policy is to place cash, cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy and are exposed to minimal interest rates and credit risks. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, a) in over-the-counter transactions, the Company limits its exposure by diversifying among counter parties with high credit ratings, and b) all of the Company's freight derivatives are cleared through London Clearing House (LCH).</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Foreign currency transactions:</i></b> The functional currency of the Company is the U.S. Dollar since the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions.&#160;On the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Cash and cash equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Restricted cash:</i></b> With restricted cash, it is required that minimum cash deposits or cash collateral deposits are maintained with certain banks under the Company's borrowing arrangements. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Trade accounts receivable, net: </i></b>The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family:times new roman,times"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Inventories:</i></b> Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. Cost is determined by the first in, first out method.</font><font style="font-family: times new roman,times;">&#160;</font></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b><i>j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Vessels, net: </i></b>Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Subsequent expenditure when it does not extend the useful life of the vessel is charged to expense as incurred.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 58.5pt;" class="msonormal"><font style="font-family: times new roman,times;; font-family:times new roman,times">The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value (vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).&#160; Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Advances for vessels under construction:</i></b> Advances made to shipyards during construction periods are classified as "Advances for vessels under construction" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels and other fixed assets, net". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 57.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Fair value of above/below market acquired time charter:</i></b><b> </b>&#160;The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered. &#160;Such intangible assets or liabilities are&#160;recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">m)&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Impairment of long-lived assets:</i></b> The Company follows guidance related to Impairment or Disposal of Long-lived Assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 57.25pt;" class="msolistparagraph"><font style="font-family:times new roman,times"><font style="font-family: times new roman,times; ; font-family: times new roman,times;">On December 31, 2011 and September 30, 2012, the Company performed impairment tests of the Company's vessels due to the global economic downturn and the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for the Company's vessels to determine if the assets were impaired. In developing its estimates of future undiscounted cash flows, the Company makes assumptions and estimates about vessels' future performance, with the significant assumptions relating to charter rates, ship operating expenses, vessels' residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, and use historical trends as future expectations. The projected net operating cash flows were determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage commission expected outflows for scheduled vessels' maintenance (dry-docking and special surveys) and vessels' operating expenses. Estimates of revenue are based on the current FFA rates for as long as they are available, and historical average rates of similar size vessels for the period thereafter. As a result of this analysis, we determined that the carrying amount of Star Sigma and Star Ypsilon was not recoverable as of December 31, 2011, and an impairment loss of $62.0 million was recognized. This analysis, for each of our vessels as of September 30, 2012, indicated that the carrying amount of the entire supramax fleet and Star Sigma was not recoverable and after comparing the vessel's fair values to their carrying values, an impairment loss amounting to $303.2 million was recognized (see Note 5 and 18).</font><font style="font-family: times new roman,times;">&#160;</font></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Vessels held for sale: </i></b>It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies a vessel as being held for sale when all of the following criteria are met: management has committed to a plan to sell this vessel; the vessel is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.75in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;; font-family:times new roman,times">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under "Vessel impairment loss" in accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 57.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Financing costs:</i></b> Fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or for refinancing existing loans, are recorded as deferred charges. Deferred charges are expensed as interest and finance costs using the effective interest rate method over the duration of the respective loan facility. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding <i>Debt Extinguishment</i>. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to <i>Changes in Line-of-Credit or Revolving-Debt Arrangements.</i></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Pension and retirement benefit obligations&#8212;crew:</i></b><b> </b>The ship-owning subsidiaries included in the consolidated financial statements employ the crew on board under short-term contracts (usually up to eight months) and, accordingly, are not liable for any pension or post-retirement benefits.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Pension and retirement benefit obligations&#8212;administrative personnel: </i></b>Administrative employees are covered by state-sponsored pension funds. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund.&#160; The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations. Upon retirement, the state-sponsored pension funds are responsible for paying the employees' retirement benefits without recourse to the Company.</font></p>
<p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Stock incentive plan awards:&#160; </i></b>Share-based compensation represents vested and non-vested shares granted to employees and to directors for their services, and is included in "General and administrative expenses" in the consolidated statements of operations. These shares are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. Guidance related to Stock Compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the ''accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the ''straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.&#160; The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 10pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Dry-docking and special survey expenses:&#160; </i></b>Dry-docking and special survey expenses are expensed when incurred.</font></p>
<p style="text-align: justify; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Accounting for revenue and related expenses:</i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"> </i></b>The Company generates its revenues from charterers for the charterhire of its vessels under two types of charters; under time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, and under voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. Under time charters, voyage costs, such as fuel and port charges, are borne and paid by the charterer. The Company's time charters agreements are classified as operating leases. Revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee, and a collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to Leases.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msolistparagraph"><font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times">Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. &#160;Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured. Deferred revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining (if any) as long term liability.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Furthermore, payments in advance for services are recorded as prepaid expenses.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 58.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times">Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage. In addition, voyage expenses include expenses related to the charter-in of vessels owned by third parties, whenever this is required. Such expenses are recognized on a pro-rata basis over the duration of the voyage.</font></p>
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<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times;; font-family:times new roman,times"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Fair value measurements:</i></b> The Company follows the provisions ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; which defines, and provides guidance as to the measurement of, fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18).</font><font style="font-family: times new roman,times;">&#160;</font><font style="font-family: times new roman,times;">&#160;</font></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Earnings/ (loss) per common share</i></b><b>:</b> Earnings or loss per share are computed in accordance with guidance related to Earnings per Share. Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution assuming common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and, assuming the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost thereof, were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 11).</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 3pt 0in 0pt 57.25pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><font style="font-family: times new roman,times; ; font-family: times new roman,times;; font-family:times new roman,times"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">w)&#160;&#160;&#160;&#160;&#160;&#160; </i></b><b><i>Segment reporting:</i></b> The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Operating Officer who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font></p>
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                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>50
<FILENAME>0000919574-13-002451-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">147</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Total Assets</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>147</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Liabilities</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Interchart Shipping Inc. (a)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">260</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">100</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Management and Directors Fees (b)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">141</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">121</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Combine Marine Inc. (c)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">27</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Oceanbulk Maritime S.A. (e)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">8</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Maiden Voyage LLC (f)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">41</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Total Liabilities</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>436</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>262</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Statements of Operations</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="353" colspan="7">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 17;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Commission on sale of vessel-Oceanbulk (e)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">660</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">91</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 18;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Voyage expenses-Interchart (a)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.540</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.237</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.134</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 19;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Executive directors consultancy fees (b)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">874</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.505</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">453</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 20;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Non-executive directors compensation (b)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">206</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">151</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">124</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 21;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Office rent &#8211; Combine Marine Inc (c)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">48</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 22;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Office rent - Combine Marine Ltd. (d)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">40</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 23;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Office setup expenses - Oceanbulk (e)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">148</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 24;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Management fee income - Maiden Voyage LLC (f)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">128</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 25; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Management fee income - OOCAPE1 Holdings LLC (g)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">76</p>
</td>
</tr>
</table><span></span></td>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Aurora</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">171.199</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">September 8, 2010</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2000</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Big LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Big</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">168.404</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">July 25, 2011</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">1996</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Borealis LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Borealis</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">179.678</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">September 9, 2011</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2011</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Mega LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Mega</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">170.631</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">August 16, 2011</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">1994</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Polaris LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Polaris</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">179.546</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">November 14, 2011</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2011</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Lamda LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Sigma</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">184.403</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">April 15, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">1991</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Cosmo LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Cosmo</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">52.247</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">July 1, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2005</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Delta LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Delta (ex F Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">52.434</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">January 2, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2000</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Epsilon LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Epsilon (ex G Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">52.402</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">December 3, 2007</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2001</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 15;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Gamma LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Gamma (ex C Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">53.098</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">January 4, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2002</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 16;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Kappa LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Kappa (ex E Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">52.055</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">December 14, 2007</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2001</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 17;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Omicron LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Omicron</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">53.489</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">April 17, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2005</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 18;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Theta LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Theta (ex J Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">52.425</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">December 6, 2007</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2003</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 19;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Zeta LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Zeta (ex I Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">52.994</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">January 2, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">2003</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 20;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 21;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">Vessels disposed*</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160; </font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 22;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Alpha LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Alpha (ex A Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">175.075</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">January 9,2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">1992</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 23;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Beta LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Beta (ex B Duckling)</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">174.691</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">December 28, 2007</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">1993</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 24; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star&#160; Ypsilon LLC</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Star Ypsilon</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">150.940</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">September 18, 2008</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><font size="2">1991</font></p>
</td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock', window );">Charterer Revenue Percentage</a></td>
        <td class="text"><table style="margin: auto auto auto 4.45pt; width: 323px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">Charterer</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">2010</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">2011</font></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">&#160;</font></b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><font size="2">2012</font></b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;A</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">21%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;B</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">17%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;C</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">13%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">12%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;D</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">10%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">13%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;E</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">14%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">12%</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">14%</font></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;F</font></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">12%</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">19%</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">15%</font></p>
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<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;G</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">15%</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">28%</font></p>
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<tr style="height: 15pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;H</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">-</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><font size="2">10%</font></p>
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                <p>Tabular disclosure of the entity's subsidiaries.</p>
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                <p>Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.</p>
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        </th>
        <th class="th" colspan="1">60 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">28 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">23 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">18 Months Ended</th>
        <th class="th" colspan="1"></th>
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        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">15 Months Ended</th>
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          <div>Dec. 31, 2012

</div>
          <div>Commerzbank AG $120,000 facility</div>
        </th>
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          <div>Dec. 31, 2011

</div>
          <div>Commerzbank AG $120,000 facility</div>
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          <div>Dec. 27, 2007

</div>
          <div>Commerzbank AG $120,000 facility</div>
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          <div>Dec. 31, 2012

</div>
          <div>Commerzbank AG $26,000 facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Commerzbank AG $26,000 facility</div>
        </th>
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          <div>Sep. 03, 2010

</div>
          <div>Commerzbank AG $26,000 facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Credit Agricole Corporate and Investment Bank</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Credit Agricole Corporate and Investment Bank</div>
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          <div>Jan. 20, 2011

</div>
          <div>Credit Agricole Corporate and Investment Bank</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>ABN Amro Bank N.V.</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>ABN Amro Bank N.V.</div>
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          <div>Jul. 21, 2011

</div>
          <div>ABN Amro Bank N.V.</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>HSH Nordbank AG</div>
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        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>HSH Nordbank AG</div>
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        <th class="th">
          <div>Oct. 03, 2011

</div>
          <div>HSH Nordbank AG</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>HSH Nordbank AG - Supramax tranche</div>
        </th>
        <th class="th">
          <div>Oct. 03, 2011

</div>
          <div>HSH Nordbank AG - Supramax tranche</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>HSH Nordbank AG - Capesize tranche</div>
        </th>
        <th class="th">
          <div>Oct. 03, 2011

</div>
          <div>HSH Nordbank AG - Capesize tranche</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 120,000<span></span></td>
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        <td class="nump">$ 70,000<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 31,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 64,500<span></span></td>
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        <td class="text">Star Gamma, Star Delta, Star Epsilon, Star Zeta and Star Theta<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2.6%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2.7%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2.9%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Outstanding borrowings</a></td>
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        <td class="nump">$ 84,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 17,064<span></span></td>
        <td class="nump">$ 21,250<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 62,849<span></span></td>
        <td class="nump">$ 66,790<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 24,000<span></span></td>
        <td class="nump">$ 29,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 48,815<span></span></td>
        <td class="nump">$ 64,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage points added to the reference rate to compute the variable rate on the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number APB14-1<br><br> -Paragraph 31<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 55<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584090&amp;loc=d3e28878-108400<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 21<br><br> -Paragraph 16, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <div style="width: 200px;"><strong>Significant Accounting policies (Details) (Vessels)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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          <div class="a">Vessels</div>
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        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Describes an entity's methodology for allocating the cost of a property, plant or equipment, less salvage value (if any), over the estimated useful life of the asset in a systematic and rational manner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section C<br><br> -Paragraph 5<br><br> -Chapter 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
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        <td class="text">&#xA0;<span></span></td>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="116">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Lubricants</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.200</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.985</p>
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</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Bunkers</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.667</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.628</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="116">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.867</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.613</b></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 2<br><br> -Paragraph 6<br><br> -Subparagraph a,b,c<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Vessels and Other Fixed Assets, Net (Tables)<br></strong></div>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">Vessels</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">876.778</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">772.981</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Other fixed assets</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">587</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">679</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Impairment charge</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(62.020)</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(303.219)</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">815.345</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">470.441</p>
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<tr style="height: 20.1pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Accumulated depreciation</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(176.813)</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(179.234)</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessels and other fixed assets, net</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>638.532</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>291.207</b></p>
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                <p>Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
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<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The accompanying consolidated financial statements as of and for the years ended December 31, 2010, 2011 and 2012 include the accounts of Star Bulk Carriers Corp. (Star Bulk) and its wholly owned subsidiaries (collectively, the &#8220;Company&#8221; or &#8220;we&#8221;).</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Star Bulk was incorporated on December 13, 2006 under the laws of the Marshall Islands. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels and is the sole owner of all of the outstanding shares of Star Bulk Management Inc., Star Bulk S.A, Star Bulk Manning LLC and the ship-owning subsidiaries as set forth below.</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Since December 3, 2007, Star Bulk shares are trading on the NASDAQ Global Select Market under the ticker symbol SBLK.&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal">Effective October 15, 2012, the Company effected a 15-for-1 reverse stock split on its issued and outstanding common stock (Note 8). All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.</p>
<p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Below is the list of the Company's wholly owned subsidiaries as of December 31, 2012:</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>DWT</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Date<br  />Delivered to Star Bulk</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 45.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 45.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Year Built</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Bulk Management Inc.</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Starbulk S.A.</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Bulk Manning LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">&#8212;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessels in operation at December 31, 2012</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Aurora LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Aurora</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">171.199</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">September 8, 2010</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2000</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Big LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Big</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">168.404</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">July 25, 2011</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">1996</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Borealis LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Borealis</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">179.678</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">September 9, 2011</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2011</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Mega LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Mega</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">170.631</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">August 16, 2011</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">1994</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Polaris LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Polaris</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">179.546</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">November 14, 2011</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2011</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Lamda LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Sigma</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">184.403</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">April 15, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">1991</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Cosmo LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Cosmo</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">52.247</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">July 1, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2005</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Delta LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Delta (ex F Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">52.434</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">January 2, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2000</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Epsilon LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Epsilon (ex G Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">52.402</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">December 3, 2007</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2001</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 15;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Gamma LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Gamma (ex C Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">53.098</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">January 4, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2002</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 16;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Kappa LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Kappa (ex E Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">52.055</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">December 14, 2007</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2001</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 17;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Omicron LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Omicron</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">53.489</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">April 17, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2005</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 18;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Theta LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Theta (ex J Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">52.425</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">December 6, 2007</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2003</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 19;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Zeta LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Zeta (ex I Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">52.994</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">January 2, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">2003</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 20;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 21;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessels disposed*</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 22;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Alpha LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Alpha (ex A Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">175.075</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">January 9,2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">1992</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 23;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Beta LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Beta (ex B Duckling)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">174.691</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">December 28, 2007</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">1993</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 24; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134.05pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star&#160; Ypsilon LLC</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 203.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="272">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Ypsilon</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 43.75pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="58">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">150.940</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.45pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="130">
<p style="margin: 0in 0in 0pt;" class="msonormal">September 18, 2008</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 32.95pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="44">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">1991</p>
</td>
</tr>
</table>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 0in 0in 0pt 14.2pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 0in 0in 0pt 14.2pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">*&#160;&#160;&#160; For vessels disposed refer to Note 5.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Charterers individually accounting for more than 10% of the Company's voyage revenues during the years ended December 31, 2010, 2011 and 2012 are as follows:</p>
<p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<table style="margin: auto auto auto 4.45pt; width: 323px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Charterer</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;A</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">21%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;B</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">17%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;C</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;D</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">10%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;E</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14%</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;F</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">19%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">15%</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;G</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">15%</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28%</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="75">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;H</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">10%</p>
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<p style="line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">&#160;</b></p><span></span></td>
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                <p>The entire disclosure for the business description and basis of presentation concepts.  Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity.  Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
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          <div style="width: 200px;"><strong>Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination (Tables)<br></strong></div>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock', window );">Fair value of above/below market acquired time charters</a></td>
        <td class="text"><table style="margin: auto auto auto 4.45pt; width: 883px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 75.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessel</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="15">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Fair value of acquired time charter</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Accumulated amortization as of December 31, 2009</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2009</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amortization 2010</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2010</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amortization 2011</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2011</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amortization 2012</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Fair Value of below market acquired time charter</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Epsilon</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.375</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.375</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Theta</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.397</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.397</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Alpha</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">46.966</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">46.966</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Delta</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13.815</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13.815</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Cosmo</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.856</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.044</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.812</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.360</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">452</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">452</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>91.409</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>89.597</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>1.812</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>1.360</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>452</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>452</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="77" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Fair value of above market acquired time charter</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Kappa</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.980</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.980</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Ypsilon</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.417</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.417</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Big</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13.733</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.180</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.553</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.224</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">9.329</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Mega</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">9.332</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.186</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">8.146</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.145</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.001</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>39.462</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>16.397</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2.366</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>20.699</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>6.369</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>14.330</b></p>
</td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock', window );">Estimated aggregate amortization expense of the above market acquired time charters</a></td>
        <td class="text"><table style="margin: auto auto auto 4.45pt; width: 267px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Years</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amount</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2013</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">6.352</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2014</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.080</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2015</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.898</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Total</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>14.330</b></p>
</td>
</tr>
</table><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersAndGainLossOnTimeCharterAgreementTerminationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of the time charters acquired at below/above fair market charter rates on the acquisition of the vessels.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfAboveBelowMarketAcquiredTimeChartersTableTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1F">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value measurements (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value measurements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal">Freight Derivatives</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.078</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">390</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-41&#160;</p>
</td>
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<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal">Bunker Derivatives</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 125pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="167">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160; </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2.083</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>390</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 16.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-41&#160; </b><b></b></p>
</td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock', window );">Vessel fair value</a></td>
        <td class="text"><p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">Details of the impairment charge for each vessel, as of December 31, 2011, are noted in the table below.</font></p>
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
<table style="margin: auto auto auto 4.45pt; width: 753px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 339pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="452" colspan="3">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Fair Value Measurements Using</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 45pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessel</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Quoted Prices in Active Markets for Identical Assets</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Significant Other Observable Inputs</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Significant Unobservable Inputs</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Vessel impairment loss</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>(Level 1)</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>(Level 2)</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>(Level 3)</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Ypsilon</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">11.500</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">30.754</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Star Sigma</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">14.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">31.266</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>TOTAL</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160; </b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>25.500</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="151">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160; </b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 113pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="151">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>62.020</b></p>
</td>
</tr>
</table>
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 12pt;" class="msonormal"><font size="2">Details of the impairment charge for each vessel, as of December 31, 2012, are noted in the table below.</font></p>
<p style="margin: 0in 0in 0pt;" class="msonormal"><font size="2">&#160;</font></p>
<table style="margin: auto auto auto 4.45pt; width: 624px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; background-color: transparent; padding-left: 5.4pt; width: 6.5in; padding-right: 5.4pt; height: 15pt; padding-top: 0in; border: #ece9d8;" width="624" colspan="5">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Fair Value Measurements Using</b></p>
</td>
</tr>
<tr style="height: 45pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" rowspan="2" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessel</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Quoted Prices in Active Markets for Identical Assets</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Significant Other Observable Inputs</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Significant Unobservable Inputs</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 45pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Vessel impairment loss</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>(Level 1)</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>(Level 2)</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>(Level 3)</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Cosmo</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">14.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">45.838</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Delta</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">12.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">35.836</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Epsilon</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">13.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">36.756</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Gamma</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">14.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">36.033</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Kappa</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">13.500</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">39.115</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Omicron</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">17.750</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">39.841</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Theta</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">15.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">36.784</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Zeta</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">15.250</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">29.811</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal">Star Sigma</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">9.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal">3.205</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="132">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>TOTAL</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="139">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>123.500</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 88pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="117">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>303.219</b></p>
</td>
</tr>
</table><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).  Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 6<br><br> -Footnote 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19190-110258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                <p>Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EEHAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination - Future Amortization (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract', window );"><strong>Estimated aggregate amortization expense of the above market acquired time charters</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths', window );">December 31, 2013</a></td>
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        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo', window );">December 31, 2014</a></td>
        <td class="nump">5,080<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree', window );">December 31, 2015</a></td>
        <td class="nump">2,898<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 14,330<span></span></td>
        <td class="nump">$ 20,699<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife', window );">Amortization weighted-average period</a></td>
        <td class="text">2 years 4 months 24 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The asset arising from the market value of the time charter contract assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16265-109275<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized in the next rolling twelve months following the latest balance sheet presented for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                <p>Amount of amortization expense expected to be recognized in the third rolling twelve months following the latest balance sheet presented for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized in the second rolling twelve months following the latest balance sheet presented for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EU5AG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments And Contingencies - Legal (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
        <th class="th" colspan="1">1 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">1 Months Ended</th>
        <th class="th" colspan="1">2 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="4">12 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Feb. 20, 2012

</div>
          <div>Star Beta (chartered by Oldendorff Gmbh &amp; Co KG and Deiulemar)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Beta (chartered by Oldendorff Gmbh &amp; Co KG and Deiulemar)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Star Beta (chartered by Oldendorff Gmbh &amp; Co KG and Deiulemar)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Charterers of Star Alpha</div>
        </th>
        <th class="th">
          <div>Oct. 31, 2010

</div>
          <div>Star Ypsilon (Chartered by TMT)</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2010

</div>
          <div>Star Ypsilon (Chartered by TMT)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Star Ypsilon (Chartered by TMT)</div>
        </th>
        <th class="th">
          <div>Oct. 05, 2012

</div>
          <div>Star Epsilon And Star Kappa ((chartered by Ishar Overseas)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Epsilon And Star Kappa ((chartered by Ishar Overseas)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Epsilon And Star Kappa ((chartered by Ishar Overseas)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Gamma And Star Cosmo (Chartered by Korea Line Corporation)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Gamma And Star Cosmo (Chartered by Korea Line Corporation)</div>
        </th>
        <th class="th">
          <div>Feb. 14, 2011

</div>
          <div>Star Gamma And Star Cosmo (Chartered by Korea Line Corporation)</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessels [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other operational gain</a></td>
        <td class="nump">$ 3,507<span></span></td>
        <td class="nump">$ 9,260<span></span></td>
        <td class="nump">$ 26,648<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 9,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 21,648<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 2,014<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 157<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,139<span></span></td>
        <td class="nump">2,131<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">692<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,096<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,949<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">498<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable</a></td>
        <td class="nump">5,969<span></span></td>
        <td class="nump">4,762<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,732<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,606<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,839<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLegalSettlements', window );">Legal proceeds</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,040<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,222<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Receipt of unpaid charter hire, bunkers and interest</a></td>
        <td class="nump">$ 1,207<span></span></td>
        <td class="nump">$ 3,249<span></span></td>
        <td class="nump">$ 1,334<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 2,082<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3-4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Subparagraph a(1)<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 4<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherIncome</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash received for the settlement of litigation during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromLegalSettlements</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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                    <td>duration</td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentLineItems</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>na</td>
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                    <td>duration</td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
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                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
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                    <td>debit</td>
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                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKWAG">
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          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 12,950<span></span></td>
        <td class="nump">$ 15,072<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash, current (Note 7 and Note 18)</a></td>
        <td class="nump">9,326<span></span></td>
        <td class="nump">4,159<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable, net (Note16)</a></td>
        <td class="nump">5,969<span></span></td>
        <td class="nump">4,762<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories (Note 4)</a></td>
        <td class="nump">3,613<span></span></td>
        <td class="nump">3,867<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherReceivablesNetCurrent', window );">Due from managers</a></td>
        <td class="nump">81<span></span></td>
        <td class="nump">70<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Due from related parties (Note 3)</a></td>
        <td class="nump">147<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other receivables</a></td>
        <td class="nump">5,877<span></span></td>
        <td class="nump">3,467<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
        <td class="nump">37,963<span></span></td>
        <td class="nump">31,397<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>FIXED ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselsAndOtherFixedAssetsNet', window );">Vessels and other fixed assets, net (Note 5)</a></td>
        <td class="nump">291,207<span></span></td>
        <td class="nump">638,532<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Total Fixed Assets</a></td>
        <td class="nump">291,207<span></span></td>
        <td class="nump">638,532<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentAbstract', window );"><strong>OTHER NON-CURRENT ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentNet', window );">Deferred finance charges, net</a></td>
        <td class="nump">1,636<span></span></td>
        <td class="nump">1,776<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash, non-current (Note 7 and Note 18)</a></td>
        <td class="nump">9,570<span></span></td>
        <td class="nump">25,524<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfAboveMarketAcquiredTimeCharter', window );">Fair value of above market acquired time charter (Note 6)</a></td>
        <td class="nump">14,330<span></span></td>
        <td class="nump">20,699<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">TOTAL ASSETS</a></td>
        <td class="nump">354,706<span></span></td>
        <td class="nump">717,928<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableToBankCurrent', window );">Current portion of long term debt (Note 7)</a></td>
        <td class="nump">28,766<span></span></td>
        <td class="nump">34,674<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableTradeCurrent', window );">Accounts payable</a></td>
        <td class="nump">8,264<span></span></td>
        <td class="nump">8,501<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to related parties (Note 3)</a></td>
        <td class="nump">262<span></span></td>
        <td class="nump">436<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableOtherCurrent', window );">Due to managers</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">48<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities (Note 13)</a></td>
        <td class="nump">3,422<span></span></td>
        <td class="nump">3,870<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Derivative instruments(Note 18)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">82<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
        <td class="nump">1,736<span></span></td>
        <td class="nump">4,543<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
        <td class="nump">42,450<span></span></td>
        <td class="nump">52,154<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>NON-CURRENT LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermLoansFromBank', window );">Long term debt (Note 7)</a></td>
        <td class="nump">195,348<span></span></td>
        <td class="nump">231,466<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
        <td class="nump">162<span></span></td>
        <td class="nump">95<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">TOTAL LIABILITIES</a></td>
        <td class="nump">237,960<span></span></td>
        <td class="nump">283,715<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>STOCKHOLDERS' EQUITY</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred Stock; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2011 and 2012 (Note 8)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock, $0.01 par value, 300,000,000 shares authorized; 5,357,224 and 5,400,810 shares issued and outstanding at December 31, 2011 and 2012, respectively</a></td>
        <td class="nump">54<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid in capital (Note 8)</a></td>
        <td class="nump">520,946<span></span></td>
        <td class="nump">520,261<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(404,254)<span></span></td>
        <td class="num">(86,102)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Stockholders' Equity</a></td>
        <td class="nump">116,746<span></span></td>
        <td class="nump">434,213<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</a></td>
        <td class="nump">$ 354,706<span></span></td>
        <td class="nump">$ 717,928<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_FairValueOfAboveMarketAcquiredTimeCharter">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The asset arising from the market value of the time charter contract assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FairValueOfAboveMarketAcquiredTimeCharter</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselsAndOtherFixedAssetsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents vessels and other fixed assets, net of accumulated depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselsAndOtherFixedAssetsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableOtherCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, which are not elsewhere specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableOtherCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableTradeCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableTradeCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapitalCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNoncurrentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net amount of long-term deferred finance costs capitalized at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 21<br><br><br><br> -Paragraph 16<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28555-108399<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredFinanceCostsNoncurrentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7, 8<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FIN39-1<br><br><br><br> -Paragraph 10A, 10B<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 133<br><br><br><br> -Paragraph 4, 17<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13495-108611<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 2<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesNoncurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansPayableToBankCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of current portion of long-term loans payable to bank due within one year or the operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LoansPayableToBankCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermLoansFromBank">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the operating cycle if longer, excluding current portion.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermLoansFromBank</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivablesNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of other receivables, net, due within one year of the balance sheet date (or one operating cycle, if longer) from third parties or arising from transactions not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherReceivablesNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Paragraph 80<br><br><br><br> -Subparagraph Exhibit 4-8, 3<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -Chapter 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
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                <p>Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
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                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
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                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br></p>
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                <p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3(a)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 2<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromRelatedPartiesCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrentAbstract">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromRelatedPartiesCurrentAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToRelatedPartiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToRelatedPartiesCurrentAbstract</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EJCAC">
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          <div style="width: 200px;"><strong>Consolidated Statements of Stockholders Equity (Parentheticals) (USD $)<br></strong></div>
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        <th class="th" colspan="3">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>Consolidated Statement of Stockholders Equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 0.675<span></span></td>
        <td class="nump">$ 3<span></span></td>
        <td class="nump">$ 3<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends paid during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StatementOfStockholdersEquityAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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<DOCUMENT>
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<SEQUENCE>66
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5IAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long Term Debt (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtWeightedAverageInterestRate', window );">Weighted average interest rate</a></td>
        <td class="nump">2.92%<span></span></td>
        <td class="nump">3.25%<span></span></td>
        <td class="nump">2.73%<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseLongTermDebt', window );">Interest expense</a></td>
        <td class="nump">$ 7,167<span></span></td>
        <td class="nump">$ 4,698<span></span></td>
        <td class="nump">$ 5,317<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of deferred finance charges</a></td>
        <td class="nump">502<span></span></td>
        <td class="nump">329<span></span></td>
        <td class="nump">329<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_OtherFinancingFees', window );">Other finance fees</a></td>
        <td class="nump">169<span></span></td>
        <td class="nump">200<span></span></td>
        <td class="nump">270<span></span></td>
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      <tr class="rh">
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          <div class="a">Piraeus Bank loan facilities</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long term debt [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WriteOffOfDeferredDebtIssuanceCost', window );">Write off of unamortized deferred financing fees</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 307<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_OtherFinancingFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of other financing fees, which may  include bank charges, commissions of FFA's and other loan expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_OtherFinancingFees</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 8<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br></p>
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                <p>Aggregate amount of interest paid or due on all long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 8<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 8<br><br> -Chapter V<br><br> -Subsection I<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
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                <p>Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of long-term debt outstanding by type or by instrument at that time.</p>
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                <p>No definition available.</p>
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                <p>Write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.082</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">39,90</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at January 1, 2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.082</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">39,90</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Granted</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">49.867</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">35,70</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Vested</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(24.949)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">35,10</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at December 31, 2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">36,75</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at January 1, 2012</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">36,75</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 15;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Granted</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">90.667</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13,50</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Vested</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(100.000)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">15,67</p>
</td>
</tr>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>This element represents a sum total of expenses not separately reflected on the income statement for the period.</p>
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<p style="text-indent: -21.3pt; margin: 0.1in 0in 0pt 21.3pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">&#160;</b></p>
<p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt 21.25pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Legal proceedings</p>
<p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt 21.3pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company&#8217;s vessels are covered for pollution in the amount of $1&#160;billion per vessel per incident, by the Protection and Indemnity Association in which the Company&#8217;s vessels are entered. The Company&#8217;s vessels are subject to calls payable to their Protection and Indemnity Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the Protection and Indemnity Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements.</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal">a.&#160;&#160; The Company commenced in 2008 an arbitration proceeding as claimant against Oldendorff Gmbh &amp; Co. KG of Germany ("Oldendorff"), seeking damages resulting from Oldendorff's repudiation of a charter party relating to the vessel Star Beta. Under the terms of the settlement agreement dated April 1, 2011, Oldendorff paid to the Company an amount of $9,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations for the year ended December 31, 2011 (Note 9).</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal">b.&#160;&#160; Arbitration proceedings commenced in 2009 pursuant to disputes that have arisen with the charterers of the vessel Star Alpha. The disputes relate to vessel performance characteristics and hire. Star Bulk was seeking damages for repudiations of the charter party due to early redelivery of the vessel as well as unpaid hire of $2,096, while the charterers were seeking contingent damages resulting from the vessel's off-hire. The charterers subsequently entered into liquidation. Pursuant to a settlement agreement between the Company, the liquidator of the charterers and the sub charterers, entered into February 2011, the arbitration proceedings were discontinued and each party released each other from its respective claim. An amount of $2,096 is included under "Bad debt expense" in the accompanying consolidated statement of operations for the year ended December 31, 2010, associated with the write-off of this charterer's balance.</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal">c.&#160;&#160; Arbitration proceedings against TMT seeking damages resulting from TMT's repudiation of the charter party of the vessel Star Ypsilon due to the nonpayment of charter hire of $2,606 related to this vessel were discontinued in October 2010.&#160; During the months June and July 2010 the Company received the amount of $2,082 for unpaid charter hire, bunkers and interest. A final settlement was reached during October 2010, according to which the Company received the amount of $22,222, which resulted to a gain amounted to $21,648 and is included under "Other operational gain" for the year ended December 31, 2010, associated with the settlement of the unrealized revenues due to the early termination of the time charter of the vessel that occurred in July 2009 (Note 9).</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 0.1in 0in 0pt 35.45pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal">d.&#160;&#160; The Company commenced arbitration proceedings against Ishhar Overseas that was the previous charterer of the vessels Star Epsilon and Star Kappa. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessel as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period of the charter parties. Claim submissions were filed. As of December 31, 2011, the Company determined that this amount was not recoverable and recognized a provision for doubtful receivables, amounting to $1,949, which is included under "Bad debt expense" in the accompanying consolidated statements of loss for the year ended December 31, 2011. On September 5, 2012, a settlement agreement was signed between the shipowning companies of Star Epsilon and Star Kappa and Bhatia International Ltd, which is the parent company of Ishhar Overseas. Pursuant to the terms of this agreement the Company will receive an amount of $5,000 in seventeen installments.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal">The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments varying between $250 and $500 will be received the last day of each month beginning from September 30, 2012. As of December 31, 2012 the Company has received an amount of $2,514 under the respective agreement which is included under "Other operational gain" in the accompanying consolidated statement of operations for the year ended December 31, 2012 (Note 9).</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.2pt; margin: 6pt 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 35.45pt;" class="msonormal">e.&#160;&#160; During July 2010, a dispute arose between the Company and Deiulemar that was the charterer of the vessel Star Beta, for due hire and damages for the late redelivery of the vessel amounting to $1,732 which was included under "Trade accounts receivable, net" in accompanying consolidated balance sheets, while the charterers have a counterclaim for the vessel's performance. Pursuant to a settlement agreement signed on February 20, 2012, the Company received the amount of $1,040, the arbitration proceedings were discontinued and each party released each other from its respective claim. This event was qualified as an adjusting subsequent event under ASC 855 "Subsequent Events" and therefore the Company recognized a respective provision, amounting to $692, which was included under "Bad debt expense" in the accompanying consolidated statements of operations for the year ended December 31, 2011.</p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 1.0in;" class="msonormal">f.&#160;&#160;&#160; In February 2011, Korea Line Corporation ("KLC"), charterers at the time of the vessel Star Gamma and of the vessel Star Cosmo commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by the KLC's creditors on October 14, 2011, the Company was entitled to receive an amount of $6,839, 37% of which will be repaid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares. The Company will receive one common share of KLC with par value of KRW 5,000 (approx. $0.0047) for each KRW 100,000 (approx. $0.09) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be locked up for six months before trade. The Company does not expect that will have either control or significant influence over KLC as a result of the shares entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with the KLC under which the Company received an amount of $172 in October 2011 and an amount of $172 in January 2013, as part of the due hire for Star Gamma. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels Star Gamma and Star Cosmo following the exercise of liens on the subhires due to KLC.</p>
<p style="text-align: justify; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 21.3pt; mso-line-height-alt: 1.0pt;" class="msonormal">Under these agreements the Company received an amount of $86 from Star Gamma subcharter in December 2011 and an amount of $121 in March 2012 from Star Cosmo subcharterer. As of December 31, 2011, the Company determined that an amount of $498 was not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision which is included under "Bad debt expense" in the accompanying consolidated statements of loss.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 21.3pt; mso-line-height-alt: 1.0pt;" class="msonormal">On November 19, 2012, the Company received 46,007 shares of KLC as part of the rehabilitation plan described above for the vessel Star Gamma, the shares were sold the same date at the average price of KRW 3,456. The cash proceeds from the sale of the respective shares amounted to $144. In December 2012, the Company also received an amount of $12 and $1 in cash, for Star Gamma and Star Cosmo respectively, pursuant to the terms of the rehabilitation plan. Total amount of $157 is included under "Other operational gain" in the accompanying consolidated statements of loss for the year ended December 31, 2012 (Note 9). The next bunch of 2,872 shares for the vessel Star Cosmo is expected to be released from lock up on June 4, 2013.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 21.3pt; mso-line-height-alt: 1.0pt;" class="msonormal">On September 29, 2010, the Company agreed with a third party to sell its 45% interest in the future proceeds related to the recovery of several commercial claims (Note 15(a) and Note 15(d)) against a consideration of $5,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations for the year ended December 31, 2010. This amount was collected in October 2010 (Note 10).</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">In July 2011, the Company posted a cash collateral of &#8364;340,000 (approx. $448), in Spain for Star Cosmo which had allegedly discharged oily water while sailing in Spanish waters in May 2011.&#160; Administrative investigations commenced locally. The cash collateral of &#8364;340,000 has been released to the Company in March 2012, after being replaced by a Protection and Indemnity Letter of undertaking. The fines imposed have now been reduced to &#8364;260,000 (approx. $343) and the Company plans to file an administrative appeal to further reduce them or have them revoked. Until an irrevocable judgment is issued, the Company cannot estimate its exposure. Up to $1 billion of the liabilities associated with the individual vessels' actions, mainly for sea pollution, are covered by the Protection and Indemnity&#160;Club Insurance. The Company has not accrued any amount for the specific case.</p>
<p style="margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">Future minimum contractual charter revenue</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">Future minimum contractual charter revenue, based on vessels committed to non-cancelable, time charter contracts net of address commission which amounted to $2,018, as of December 31, 2012 will be:</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">&#160;</p>
<table style="margin: auto auto auto 4.45pt; width: 283px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
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<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Years ending December 31,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>Amount*</b></p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2013</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">39.873</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2014</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">22.355</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2015</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">16.950</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2016</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">8.761</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2017</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">9.034</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal">2018 and thereafter</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">31.630</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 134pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="179">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>128.603</b></p>
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<p style="text-align: justify; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">&#160;</p>
<p style="text-align: justify; text-indent: -14.2pt; margin: 0in 0in 0pt 35.45pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">*&#160;&#160;&#160; These amounts do not include any assumed off-hire except for the scheduled interim and special surveys of the vessels.</p>
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        <td class="text"><table style="margin: auto auto auto 4.45pt; width: 545px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 30.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><br  />2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b><br  />2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Audit fees</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">213</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">159</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Legal fees</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">7</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">7</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Other professional fees</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">52</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">26</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;Vessel Operating and voyage expenses</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.039</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.835</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Loan interest and financing fees</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.559</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.395</p>
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</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total Accrued Liabilities</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.870</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.422</b></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Voyage and Vessel Operating Expenses<br></strong></div>
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          <div>Dec. 31, 2012</div>
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        <td class="text"><p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Voyage and Vessel Operating Expenses:</b></p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal">&#160;</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The amounts in the accompanying consolidated statements of operations are analyzed as follows:</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Voyage&#160; expenses</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Port charges&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.047</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">694</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.484</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Bunkers</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.544</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">915</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">10.788</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Commissions &#8211; third parties</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.180</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.347</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">947</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Commissions &#8211; related parties</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.540</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.237</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.134</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Chartered-in vessel expenses</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">11.180</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">17.909</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.050</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Miscellaneous</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">348</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">327</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">195</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total voyage expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>16.839</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>22.429</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>19.598</b></p>
</td>
</tr>
</table>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<table style="margin: auto auto auto 4.45pt; width: 569px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessel operating expenses</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Crew wages and related costs&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.348</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.938</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.498</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Insurances</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.195</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.399</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.655</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Maintenance, Repairs, Spares and Stores</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.729</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">6.130</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">6.779</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Lubricants</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.925</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.189</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.046</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Tonnage taxes</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">116</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">123</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">169</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">301</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">789</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">19</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">735</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">679</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">666</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total vessel operating expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 18.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt; mso-border-bottom-alt: double windowtext 2.25pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>27.832</b></p>
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                <p>The entire disclosure for Voyage expenses (Port charges, bunkers, commissions charged by third parties, commissions charged by related parties) and Vessel Operating expenses (crew wages and related costs, insurances, repairs, spares and maintenance, consumable stores, tonnage taxes, miscellaneous).</p>
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        <th class="th" colspan="1">10 Months Ended</th>
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        <th class="th" colspan="1"></th>
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        <th class="th" colspan="1"></th>
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        <th class="th" colspan="1"></th>
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        <th class="th" colspan="1">11 Months Ended</th>
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        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
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</div>
          <div>Board of Directors</div>
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</div>
          <div>Board of Directors</div>
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</div>
          <div>Board of Directors</div>
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        <th class="th">
          <div>Dec. 05, 2008

</div>
          <div>Board of Directors</div>
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        <th class="th">
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</div>
          <div>Board of Directors</div>
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</div>
          <div>Board of Directors</div>
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        <th class="th">
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</div>
          <div>Board of Directors</div>
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        <th class="th">
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</div>
          <div>Board of Directors</div>
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          <div>Former CEO and former CFO</div>
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</div>
          <div>Former CEO and former CFO</div>
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</div>
          <div>Former CEO and former CFO</div>
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        <th class="th">
          <div>Jul. 01, 2008

</div>
          <div>Former CEO and former CFO</div>
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        <th class="th">
          <div>Dec. 03, 2007

</div>
          <div>Former CEO and former CFO</div>
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        <th class="th">
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</div>
          <div>Former CEO</div>
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          <div>Former CFO - 1st Trance</div>
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          <div>Former CFO - 1st Trance</div>
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          <div>Director</div>
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          <div>Director</div>
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          <div>Director</div>
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          <div>Employees</div>
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        <th class="th">
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</div>
          <div>Employees</div>
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        <th class="th">
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</div>
          <div>Employees</div>
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        <th class="th">
          <div>Jun. 30, 2011

</div>
          <div>Employees</div>
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        <th class="th">
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</div>
          <div>Employees</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2010

</div>
          <div>Employees</div>
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        <th class="th">
          <div>Jan. 31, 2009

</div>
          <div>Employees</div>
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          <div>Issuance of Shares under Equity Incentive Plan</div>
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</div>
          <div>Issuance of Shares under Equity Incentive Plan</div>
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        <th class="th">
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</div>
          <div>Issuance of Shares under Equity Incentive Plan</div>
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        <th class="th">
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          <div>CEO</div>
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          <div>CEO</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2014

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2013

</div>
          <div>CEO</div>
        </th>
        <th class="th">
          <div>Feb. 07, 2012

</div>
          <div>CEO</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue', window );">Fair value of each share</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 42<span></span></td>
        <td class="nump">$ 27<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 34.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 34.5<span></span></td>
        <td class="nump">$ 170.85<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 39.9<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 42<span></span></td>
        <td class="nump">$ 27<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 13.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Shares issued under share based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">11,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,533<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,533<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">90,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted</a></td>
        <td class="nump">90,667<span></span></td>
        <td class="nump">49,867<span></span></td>
        <td class="nump">153,707<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">65,333<span></span></td>
        <td class="nump">71,333<span></span></td>
        <td class="nump">62,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,000<span></span></td>
        <td class="nump">16,533<span></span></td>
        <td class="nump">5,000<span></span></td>
        <td class="nump">5,533<span></span></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,707<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="nump">8,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">90,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">28,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod', window );">Vested in period</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">71,333<span></span></td>
        <td class="nump">32,667<span></span></td>
        <td class="nump">32,667<span></span></td>
        <td class="nump">62,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,667<span></span></td>
        <td class="nump">3,667<span></span></td>
        <td class="nump">3,666<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,000<span></span></td>
        <td class="nump">5,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,083<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="nump">4,624<span></span></td>
        <td class="nump">8,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">90,667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="nump">9,333<span></span></td>
        <td class="nump">9,333<span></span></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments that has vested during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsVestedInPeriod</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of  awards on equity-based plans for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue</nobr></td>
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                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td>na</td>
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                    <td>instant</td>
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                    <td><nobr>us-gaap_RelatedPartyTransactionLineItems</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E3PAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (314,521)<span></span></td>
        <td class="num">$ (69,559)<span></span></td>
        <td class="num">$ (5,131)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
        <td class="nump">33,045<span></span></td>
        <td class="nump">50,224<span></span></td>
        <td class="nump">46,937<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter', window );">Amortization of fair value of above market acquired time charters (Note 6)</a></td>
        <td class="nump">6,369<span></span></td>
        <td class="nump">2,366<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet', window );">Amortization of fair value of below market acquired time charters (Note 6)</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(179)<span></span></td>
        <td class="num">(1,360)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of deferred finance charges</a></td>
        <td class="nump">502<span></span></td>
        <td class="nump">329<span></span></td>
        <td class="nump">329<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on debt extinguishment</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">307<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery', window );">Gain on time charter agreement termination (Note 6)</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(273)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselImpairmentLoss', window );">Vessel's impairment loss (Note 18)</a></td>
        <td class="nump">303,219<span></span></td>
        <td class="nump">62,020<span></span></td>
        <td class="nump">34,692<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on sale of vessel (Note 5)</a></td>
        <td class="nump">3,190<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation (Note 12)</a></td>
        <td class="nump">1,546<span></span></td>
        <td class="nump">1,362<span></span></td>
        <td class="nump">6,511<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Change in fair value of derivatives (Note 18)</a></td>
        <td class="num">(82)<span></span></td>
        <td class="nump">82<span></span></td>
        <td class="nump">282<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpense', window );">Other non-cash charges</a></td>
        <td class="nump">67<span></span></td>
        <td class="nump">31<span></span></td>
        <td class="nump">5<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense (Note 16)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,139<span></span></td>
        <td class="nump">2,131<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_GainFromInsuranceClaim', window );">Gain from insurance claim</a></td>
        <td class="num">(812)<span></span></td>
        <td class="num">(260)<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInMarginDepositsOutstanding', window );">Restricted cash for forward freight and bunker derivatives</a></td>
        <td class="nump">153<span></span></td>
        <td class="num">(153)<span></span></td>
        <td class="nump">5,753<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable</a></td>
        <td class="num">(1,207)<span></span></td>
        <td class="num">(3,249)<span></span></td>
        <td class="num">(1,334)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
        <td class="nump">254<span></span></td>
        <td class="num">(2,773)<span></span></td>
        <td class="num">(112)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_IncreaseDecreaseInAccruedIncome', window );">Accrued income</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">397<span></span></td>
        <td class="num">(397)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other receivables</a></td>
        <td class="num">(8,581)<span></span></td>
        <td class="num">(957)<span></span></td>
        <td class="num">(326)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent', window );">Due from related parties</a></td>
        <td class="num">(147)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">2,507<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Due from managers</a></td>
        <td class="num">(11)<span></span></td>
        <td class="nump">5<span></span></td>
        <td class="nump">72<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Accounts payable</a></td>
        <td class="num">(237)<span></span></td>
        <td class="nump">5,268<span></span></td>
        <td class="num">(744)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent', window );">Due to related parties</a></td>
        <td class="num">(174)<span></span></td>
        <td class="num">(167)<span></span></td>
        <td class="nump">267<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued liabilities</a></td>
        <td class="num">(719)<span></span></td>
        <td class="nump">2,005<span></span></td>
        <td class="num">(427)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherAccountsPayable', window );">Due to managers</a></td>
        <td class="num">(48)<span></span></td>
        <td class="num">(7)<span></span></td>
        <td class="nump">55<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
        <td class="num">(2,807)<span></span></td>
        <td class="nump">646<span></span></td>
        <td class="num">(1,761)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by Operating Activities</a></td>
        <td class="nump">18,999<span></span></td>
        <td class="nump">50,604<span></span></td>
        <td class="nump">87,949<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows from Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Advances for vessels under construction and acquisition of vessels and other assets</a></td>
        <td class="num">(91)<span></span></td>
        <td class="num">(96,388)<span></span></td>
        <td class="num">(87,563)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters', window );">Cash paid for above market acquired time charters</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(23,065)<span></span></td>
        <td class="nump">0<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Cash proceeds from vessel sale</a></td>
        <td class="nump">7,962<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">20,342<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities', window );">Insurance proceeds</a></td>
        <td class="nump">6,983<span></span></td>
        <td class="nump">1,076<span></span></td>
        <td class="nump">120<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DecreaseInRestrictedCash', window );">Decrease in restricted cash</a></td>
        <td class="nump">10,829<span></span></td>
        <td class="nump">17,750<span></span></td>
        <td class="nump">7,600<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_IncreaseInRestrictedCash', window );">Increase in restricted cash</a></td>
        <td class="num">(195)<span></span></td>
        <td class="num">(21,710)<span></span></td>
        <td class="num">(650)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash (used in) / provided by Investing Activities</a></td>
        <td class="nump">25,488<span></span></td>
        <td class="num">(122,337)<span></span></td>
        <td class="num">(60,151)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash Flows from Financing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromBankDebt', window );">Proceeds from bank loans</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">162,775<span></span></td>
        <td class="nump">26,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfBankDebt', window );">Loan repayment</a></td>
        <td class="num">(42,026)<span></span></td>
        <td class="num">(101,464)<span></span></td>
        <td class="num">(68,421)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Financing fees paid</a></td>
        <td class="num">(91)<span></span></td>
        <td class="num">(1,488)<span></span></td>
        <td class="num">(310)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">28,786<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Offering expenses paid related to the issuance of common stock</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(237)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of common shares</a></td>
        <td class="num">(861)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Cash dividend</a></td>
        <td class="num">(3,631)<span></span></td>
        <td class="num">(14,391)<span></span></td>
        <td class="num">(12,385)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) / provided by Financing Activities</a></td>
        <td class="num">(46,609)<span></span></td>
        <td class="nump">73,981<span></span></td>
        <td class="num">(55,116)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) / increase in cash and cash equivalents</a></td>
        <td class="num">(2,122)<span></span></td>
        <td class="nump">2,248<span></span></td>
        <td class="num">(27,318)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">15,072<span></span></td>
        <td class="nump">12,824<span></span></td>
        <td class="nump">40,142<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
        <td class="nump">12,950<span></span></td>
        <td class="nump">15,072<span></span></td>
        <td class="nump">12,824<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL CASH FLOW INFORMATION</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest</a></td>
        <td class="nump">$ 7,612<span></span></td>
        <td class="nump">$ 3,893<span></span></td>
        <td class="nump">$ 5,489<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amortization of the asset arising from the market value of the time charter assumed from a vessel acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AmortizationOfFairValueOfAboveMarketAcquiredTimeCharter</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amortization of the liability arising from the market value of the time charter assumed from a vessel acquisition, net of amounts written off due to early charter agreement terminations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AmortizationOfFairValueOfBelowMarketAcquiredTimeCharterNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_DecreaseInRestrictedCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow for the change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_DecreaseInRestrictedCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_GainFromInsuranceClaim">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the gain arising from insurance claims.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_GainFromInsuranceClaim</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_IncreaseDecreaseInAccruedIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of  income deriving from the difference between the escalated rates that have been agreed in time charter agreements that the company has entered with the charterers for the following years.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_IncreaseDecreaseInAccruedIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_IncreaseInRestrictedCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for the change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_IncreaseInRestrictedCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to acquire above market charters.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_PaymentsToAcquireAboveMarketAcquiredTimeCharters</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselImpairmentLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselImpairmentLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The write off of unamortized fair value of below market acquired time charter on vessel's redelivery date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_WriteOffOfUnamortizedFairValueOfBelowMarketAcquiredTimeCharterOnVesselRedelivery</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 8<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Depreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfPropertyPlantEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 26<br><br> -Paragraph 20, 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12317-112629<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12355-112629<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainsLossesOnExtinguishmentOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableTrade</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInventories</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInMarginDepositsOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in money or securities placed with a broker or counterparty as security for a trading or derivative position.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInMarginDepositsOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherAccountsPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other obligations due by the reporting entity that are payable within one year (or one business cycle), not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherAccountsPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaidNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to common shareholders, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for loan and debt issuance costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for cost incurred directly with the issuance of an equity security.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfStockIssuanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromBankDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from bank borrowing during the year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromBankDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the amounts received by the insured under the terms of an insurance contract settlement. This element pertains only to insurance proceeds related to investments, for example fixed assets. It excludes insurance settlements classified as operating cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 22<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromInsuranceSettlementInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfBankDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to settle a bank borrowing during the year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfBankDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
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                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnDerivatives</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFKAE">
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          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Parentheticals) (USD $)<br></strong></div>
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          <div>Dec. 31, 2012</div>
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          <div class="a">Common Stock</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">300,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Stock - Shares Issued</a></td>
        <td class="nump">5,400,810<span></span></td>
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        <td class="nump">5,357,224<span></span></td>
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          <div class="a">Preferred Stock</div>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred Stock - Par Value</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred Stock - Shares Authorized</a></td>
        <td class="nump">25,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Stock - Shares Issued</a></td>
        <td class="nump">0<span></span></td>
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      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Stock - Shares Outstanding</a></td>
        <td class="nump">0<span></span></td>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesOutstanding</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Other Operational Loss<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="text"><p style="line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b style="mso-bidi-font-weight: normal;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other Operational Loss:</b></p>
<p style="line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b style="mso-bidi-font-weight: normal;">&#160;</b></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt;" class="msonormal">On September 29, 2010, the Company agreed with a third party to sell a 45% interest in the future proceeds related to the recovery of certain of the commercial claims against a consideration of $5,000 (Note 15(a) and Note 15(d)). During the year ended December 31, 2011 the Company paid $4,050 to the third party relating to the settlement of one of the legal cases included in the above mentioned agreement. This amount is presented in "Other operational loss" in the accompanying consolidated statements of loss. For the year ended December 31, 2012, other operational loss amounting <a name="_dv_c73"></a>to <a name="_dv_m175"></a>$1,226 mainly consists of an amount of $1,131 representing the expense incurred by the Company towards the third party mentioned above, in connection <a name="_dv_c74"></a>with<a name="_dv_m176"></a> the settlement of one of the legal cases also included in the above mentioned agreement. For the year ended December 31, 2010, no other operational loss was recorded.</p><span></span></td>
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                <p>The entire disclosure for other operational loss.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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<DOCUMENT>
<TYPE>XML
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELOAC">
      <tr>
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          <div style="width: 200px;"><strong>Document And Entity Information<br></strong></div>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="text">20-F<span></span></td>
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         2012<span></span></td>
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        <td class="text">Star Bulk Carriers Corp.<span></span></td>
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        <td class="text">0001386716<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
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        <td class="text">No<span></span></td>
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        <td class="text">No<span></span></td>
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                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
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                <p>No definition available.</p>
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                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">All shares issued (including the restricted shares issued under the Company&#8217;s equity incentive plan) are the Company&#8217;s common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic loss per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the years ended December 31, 2010, 2011 and 2012 the weighted average number of diluted shares outstanding would have included&#160; the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. However, and as the Company incurred losses in these years, the effect of such incremental shares would be anti-dilutive and therefore, basic and diluted losses per share are the same amounts. The Company calculates basic and diluted losses per share as follows:</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">Net loss</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(5.131)</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(69.559)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(314.521)</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 30pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Weighted average common shares outstanding, basic and diluted</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.099.277&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.736.485&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.393.131&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Loss per share, basic and diluted </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="text-indent: 110.45pt; margin: 0in 0in 0pt; mso-char-indent-count: 10.0;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>(1,25)</b><b></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>(14,69)</b><b></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>(58,32)</b><b></b></p>
</td>
</tr>
</table>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16381557&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EPRBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value measurements - Vessel Fair Value (Table) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="4">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="10">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="8"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Mar. 09, 2012

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Cosmo</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Delta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Epsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Gamma</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Kappa</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Omicron</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Theta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Zeta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Significant Other Observable Inputs (Level 2)</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Sigma</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Cosmo</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Delta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Epsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Gamma</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Kappa</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Omicron</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Theta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Significant Other Observable Inputs (Level 2)

</div>
          <div>Star Zeta</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value Measurements [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselNet', window );">Vessel value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 11,152<span></span></td>
        <td class="nump">$ 8,640<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 123,500<span></span></td>
        <td class="nump">$ 25,500<span></span></td>
        <td class="nump">$ 11,500<span></span></td>
        <td class="nump">$ 9,000<span></span></td>
        <td class="nump">$ 14,000<span></span></td>
        <td class="nump">$ 14,000<span></span></td>
        <td class="nump">$ 12,000<span></span></td>
        <td class="nump">$ 13,000<span></span></td>
        <td class="nump">$ 14,000<span></span></td>
        <td class="nump">$ 13,500<span></span></td>
        <td class="nump">$ 17,750<span></span></td>
        <td class="nump">$ 15,000<span></span></td>
        <td class="nump">$ 15,250<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Vessel impairment loss</a></td>
        <td class="nump">$ 303,219<span></span></td>
        <td class="nump">$ 62,020<span></span></td>
        <td class="nump">$ 34,947<span></span></td>
        <td class="nump">$ 30,754<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3,205<span></span></td>
        <td class="nump">$ 31,266<span></span></td>
        <td class="nump">$ 45,838<span></span></td>
        <td class="nump">$ 35,836<span></span></td>
        <td class="nump">$ 36,756<span></span></td>
        <td class="nump">$ 36,033<span></span></td>
        <td class="nump">$ 39,115<span></span></td>
        <td class="nump">$ 39,841<span></span></td>
        <td class="nump">$ 36,784<span></span></td>
        <td class="nump">$ 29,811<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of the vessel.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2420-110228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetImpairmentCharges</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EZVAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Operations (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VoyageRevenues', window );">Voyage revenues</a></td>
        <td class="nump">$ 85,684<span></span></td>
        <td class="nump">$ 106,912<span></span></td>
        <td class="nump">$ 121,042<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeesBaseRevenue', window );">Management fee income (Note 3)</a></td>
        <td class="nump">478<span></span></td>
        <td class="nump">153<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">86,162<span></span></td>
        <td class="nump">107,065<span></span></td>
        <td class="nump">121,042<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VoyageExpenses', window );">Voyage expenses (Note 17)</a></td>
        <td class="nump">19,598<span></span></td>
        <td class="nump">22,429<span></span></td>
        <td class="nump">16,839<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses (Note 17)</a></td>
        <td class="nump">27,832<span></span></td>
        <td class="nump">25,247<span></span></td>
        <td class="nump">22,349<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfPropertyRepairsAndMaintenance', window );">Dry docking expenses</a></td>
        <td class="nump">5,663<span></span></td>
        <td class="nump">3,096<span></span></td>
        <td class="nump">6,576<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
        <td class="nump">33,045<span></span></td>
        <td class="nump">50,224<span></span></td>
        <td class="nump">46,937<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalAndContractServicesExpense', window );">Management fees</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">54<span></span></td>
        <td class="nump">164<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Loss/(gain) on derivative instruments, net (Note 18)</a></td>
        <td class="num">(41)<span></span></td>
        <td class="nump">390<span></span></td>
        <td class="nump">2,083<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
        <td class="nump">9,320<span></span></td>
        <td class="nump">12,455<span></span></td>
        <td class="nump">15,404<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense (Note 15 and 16)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,139<span></span></td>
        <td class="nump">2,131<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Vessel impairment loss (Note 5 and Note 18)</a></td>
        <td class="nump">303,219<span></span></td>
        <td class="nump">62,020<span></span></td>
        <td class="nump">34,947<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_GainOnTimeCharterAgreementTermination', window );">Gain on time charter agreement termination (Note 6)</a></td>
        <td class="num">(6,454)<span></span></td>
        <td class="num">(2,010)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherExpenses', window );">Other operational loss (Note 10)</a></td>
        <td class="nump">1,226<span></span></td>
        <td class="nump">4,050<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other operational gain (Note 9)</a></td>
        <td class="num">(3,507)<span></span></td>
        <td class="num">(9,260)<span></span></td>
        <td class="num">(26,648)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on sale of vessel (Note 5)</a></td>
        <td class="nump">3,190<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total Operating Expenses</a></td>
        <td class="nump">393,091<span></span></td>
        <td class="nump">171,834<span></span></td>
        <td class="nump">120,782<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income/(loss)</a></td>
        <td class="num">(306,929)<span></span></td>
        <td class="num">(64,769)<span></span></td>
        <td class="nump">260<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other Income/ (Expenses):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDebtExpense', window );">Interest and finance costs (Note 7)</a></td>
        <td class="num">(7,838)<span></span></td>
        <td class="num">(5,227)<span></span></td>
        <td class="num">(5,916)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest and other income</a></td>
        <td class="nump">246<span></span></td>
        <td class="nump">744<span></span></td>
        <td class="nump">525<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on debt extinguishment (Note 7)</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(307)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other expenses, net</a></td>
        <td class="num">(7,592)<span></span></td>
        <td class="num">(4,790)<span></span></td>
        <td class="num">(5,391)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (314,521)<span></span></td>
        <td class="num">$ (69,559)<span></span></td>
        <td class="num">$ (5,131)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Loss per share, basic and diluted (Note 11)</a></td>
        <td class="num">$ (58.32)<span></span></td>
        <td class="num">$ (14.69)<span></span></td>
        <td class="num">$ (1.25)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of shares outstanding, basic and diluted (Note 11)</a></td>
        <td class="nump">5,393,131<span></span></td>
        <td class="nump">4,736,485<span></span></td>
        <td class="nump">4,099,277<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_GainOnTimeCharterAgreementTermination">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gain recognized on termination of a contract.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_GainOnTimeCharterAgreementTermination</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VoyageExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs relating to the voyages performed by the vessels and may include port, canal, bunker expenses, commissions and other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VoyageExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VoyageRevenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenues arising from services provided to charterers according to the terms and conditions included in charter agreements. Voyage revenues may include the amortization of above/below market acquired time charter.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VoyageRevenues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2420-110228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetImpairmentCharges</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfPropertyRepairsAndMaintenance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfPropertyRepairsAndMaintenance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Depreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnDerivativeInstrumentsNetPretax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfPropertyPlantEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 26<br><br> -Paragraph 20, 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12317-112629<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12355-112629<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainsLossesOnExtinguishmentOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDebtExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest and debt related expenses associated with nonoperating financing activities of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndDebtExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndOtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ManagementFeesBaseRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Base revenue, as contractually stipulated, for operating and managing another entity's business during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ManagementFeesBaseRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
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                    <td><strong> Name:</strong></td>
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                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents a sum total of expenses not separately reflected on the income statement for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4,6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherExpenses</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>debit</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 4<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherIncome</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Professional and contract service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfessionalAndContractServicesExpense</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Revenues</nobr></td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Vessels and Other Fixed Assets, Net</a></td>
        <td class="text"><p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vessels and Other Fixed Assets, Net:</b></p>
<p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">&#160;</b></p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<table style="margin: auto auto auto 4.45pt; width: 579px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Cost</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Vessels</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">876.778</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">772.981</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Other fixed assets</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">587</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">679</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Impairment charge</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(62.020)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(303.219)</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total cost</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">815.345</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">470.441</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Accumulated depreciation</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(176.813)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: #cceeff; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(179.234)</p>
</td>
</tr>
<tr style="height: 20.1pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Vessels and other fixed assets, net</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>638.532</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 83pt; padding-right: 5.4pt; background: white; height: 20.1pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="111">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>291.207</b></p>
</td>
</tr>
</table>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><strong>&#160;</strong></p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><strong><i>Vessel acquired / disposed during the year ended December 31, 2010</i></strong></p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On January 18, 2010, the Company entered into a Memorandum of Agreement for the sale of Star Beta to a third party for a contracted sale&#8217;s price of $22,000. At that date Star Beta was classified as asset held for sale and was recorded at the lower of its carrying amount or fair value less cost to sell. The resulting impairment loss of $34,947 for the year ended December 31, 2010, is included under "Vessel impairment loss" in the accompanying consolidated statements of operations. The vessel was delivered to its new owners on July 7, 2010.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><strong><i>Vessels acquired / disposed during the year ended December 31, 2011</i></strong></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On May 12, 2011, the Company entered into an agreement with Donatus Marine Inc, or Donatus Marine, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas, to acquire a 1996-built Capesize vessel, Star Big, ex- Big Fish along with its long-term time charter, for an aggregate purchase price of $27,800. Star Big is under a long-term time charter with a multinational mining company at a rate of $25.0 per day until November 2015. The vessel was delivered to the Company on July 25, 2011, on the same day the vessel underwent its scheduled dry-docking. The Company capitalized the related dry docking expense, which amounted to $1,780 plus an amount of $41, as other capitalized expenses, related to the acquisition of the vessel.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On the same date, the Company also entered into an agreement with Barrington Corporation, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas, to acquire a 1994-built Capesize vessel, Star Mega, ex- Megalodon along with its long-term time charter, for an aggregate purchase price of $23,700. Star Mega is under a long-term time charter with a multinational mining company at a rate of $24.5 per day until August 2014. The vessel was delivered to the Company on August 16, 2011. The Company capitalized an amount of $160 as other capitalized expenses, related to the acquisition of the vessel.</p>
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<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On March 24 and April 6, 2010, the Company signed two contracts with the shipbuilder Hanjin HHIC-Phil Inc. to build two Capesize vessels at a price of $106,880 in aggregate. On September 9, 2011 and November 14, 2011 the Company took delivery from the shipyard of vessels, Star Borealis and Star Polaris, respectively.For the year ended December 31, 2011, capitalized interest in connection to the respective vessels amounted to $1,901.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">No vessel disposals took place during the year ended December, 31, 2011.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><strong><i>Vessel acquired / disposed during the year ended December 31, 2012</i></strong></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On February 22, 2012, the Company entered into an agreement with a third party in order to sell vessel Star Ypsilon together with a quantity of 667 metric tons of fuel oil, for a contracted price of $9,126 less address commission of 3% and brokerage commission of 2%. The vessel was delivered to its purchasers on March 9, 2012. The net carrying amount of Star Ypsilon as of the date of its delivery was $11,152 and the resulting loss of $3,190 is included under &#8220;Loss on sale of vessel&#8221; in the accompanying consolidated statements of operations.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">No vessel acquisitions took placeduring the year ended December, 31, 2012.</p>
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<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">As of December 31, 2011 and September 30, 2012, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review as of December 31, 2011, indicated that such carrying amount was not recoverable for two of the Company's vessels; Star Ypsilon and Star Sigma and as of September 30, 2012,&#160;indicated that such carrying amount was not recoverable for the Company&#8217;s eight Supramax vessels and one of the Company&#8217;s oldest Capesize vessel Star Sigma. As of December 31, 2012, no indications existed that the Company should perform any further impairment tests. The Company recognized an impairment loss of $62,020 and $303,219 for the years ended December 31, 2011 and 2012, respectively, which is included under "Vessel impairment loss" in the consolidated statements of operations (Note 18).</p>
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                <p>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <td class="text"><p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Inventories:</b></p>
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<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.985</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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                <p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a, b, c<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Trade Accounts Receivable, Net<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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<p style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal">&#160;</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">Trade accounts receivable</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">7.901</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.969</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">Allowance for doubtful debts</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(3.139)</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total Accounts Receivable, Net</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>5.969</b></p>
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<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The movement in the allowance for doubtful debts is analyzed as follows:</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<table style="margin: auto auto auto 4.45pt; width: 549px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263">
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
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<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">Bad debt expense</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.139</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.139</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Equity Incentive Plan<br></strong></div>
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          <div>Dec. 31, 2012</div>
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        <td class="text"><p style="margin: 0in 0in 0pt;" class="msonormal"><b style="mso-bidi-font-weight: normal;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Equity Incentive Plan:</b></p>
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<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On February 8, 2007, the Company's Board of Directors adopted a resolution approving the terms and provisions of the Company's Equity Incentive Plan (2007 Plan). The Plan is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the successful conduct of the business of the Company, with incentives to enter into and remain in the service of the Company, acquire a propriety interest in the success of the Company, maximize their performance, and enhance the long-term performance of the Company.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Under the 2007 Plan, officers, key employees, directors and consultants of Star Bulk and its subsidiaries will be eligible to receive options to acquire shares of common stock, stock appreciation rights, restricted stock and other stock-based or stock-denominated awards. Star Bulk has reserved a total of 2,000,000 shares of common stock for issuance under the plan, subject to adjustment for changes in capitalization as provided in the 2007 Plan.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On February 23, 2010, the Company's Board of Directors approved the Company's Equity Incentive Plan (the 2010 Plan). The Company has reserved a total of 2,000,000 shares of common stock for issuance under the 2010 Plan, subject to adjustment for changes in capitalization as provided in the 2010 Plan. All provisions of the 2010 Plan are similar with the 2007 Plan provisions.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On August 31, 2011, the board of directors adopted the 2011 Equity Incentive Plan (the 2011 Plan). The Company reserved a total of 2,000,000 shares of common stock for issuance under the 2011 Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in such plan. All provisions of the 2011 Plan are similar with the 2007 and 2010 Plans provisions.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Pursuant to Company's 2011, 2010 and 2007 Equity Incentive Plans, the Company issued the following securities:</p>
<p style="text-align: justify; line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst">i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On December 3, 2007, the Company granted to Mr. Tsirigakis, the Company&#8217;s former Chief Executive Officer, and Mr. Syllantavos, the Company&#8217;s former Chief Financial Officer, 6,000 and 5,000 non-vested shares of Star Bulk common stock, respectively.&#160; The fair value of each share was $230.10, which is equal to the market value of the Company's common stock on the grant date. The shares vest in three equal installments on July 1, 2008, 2009 and 2010. All 11,000 shares granted under this Plan were issued during 2008.</p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.3pt; margin: 0in 0in 0pt 42.55pt; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On March 31, 2008, the Company concluded an agreement with Company's Director Mr. P. Espig.&#160; Under this agreement, which is part of Company's Equity incentive plan, Mr. Espig received 10,000 non-vested shares of Star Bulk common stock. The fair value of each share was $170.85 which is equal to the market value of the Company's common stock on the grant date. The shares vested in two equal installments on April 1, 2008 and 2009. All 10,000 shares granted under this Plan were issued during 2008.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On December 5, 2008, an aggregate of 8,667 non-vested common shares to all of the Company&#8217;s employees and an aggregate of 62,667 non-vested common shares to the members of the board of directors. The fair value of each share was $27.00 which is equal to the market value of the Company's common stock on the grant date. These shares were issued on January 20, 2009 and vested on January 31, 2009.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On February 4, 2010, an aggregate of 7,707 non-vested common shares to all Company's employees subject to applicable vesting of 4,624 common shares on June 30, 2010 and 3,083 common shares on June 30, 2011. The fair value of each share was $39.90 which is equal to the market value of the Company's common stock on the grant date.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On February 24, 2010, an aggregate of 65,333 non-vested common shares to the members of Company's Board of Directors subject to applicable vesting of 32,667 common shares on each of June 30 and September 30, 2010. The fair value of each share was $41.25 which is equal to the market value of the Company's common stock on the grant date.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On October 20, 2010, an aggregate of 9,333 non-vested common shares to all of the Company's employees and an aggregate of 71,333 non-vested common shares to the members of board of directors. The fair value of each share was $42.00 which is equal to the market value of the Company's common stock on the grant date. These shares vested on December 31, 2010.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">vii)&#160;&#160;&#160;&#160;&#160;&#160; On February 7, 2011, 28,000 common shares were granted to Mr. Spyros Capralos, the Company&#8217;s new Chief Executive Officer, pursuant to the terms of consultancy agreement with an entity owned and controlled by him. The shares vest in three equal installments on February 7, 2012, 2013 and 2014. The fair value of each share was $36.75 and has been determined by reference to the closing price of the Company&#8217;s common stock on the grant date. The first installment of 9,333 shares that were vested on February 7, 2012, issued on April 20, 2012.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle">viii)&#160;&#160;&#160;&#160; On May 12, 2011, 16,533 restricted non-vested common shares and 5,533 common shares were granted to the former Chief Financial Officer pursuant to an agreement dated May 12, 2011 covering the terms of his severance. The respective stock based compensation was fully amortized at the date of his resignation by August 31, 2011. The fair value of each share was $34.50 and has been determined by reference to the closing price of the Company&#8217;s common stock on the grant date.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-list: l0 level1 lfo1;" class="msolistparagraph">ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On January 17, 2012, 90,667 restricted common shares were granted to certain directors, officers, employees of the Company and its subsidiaries. The fair value of each share was $13.50 and has been determined by reference to the closing price of the Company&#8217;s common stock on the grant date. The respective shares were issued on April 20, 2012 and vested on March 30, 2012.</p>
<p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On September 20, 2011, the Company filed a registration statement on Form S-8 (File No. 333-176922) that covers the resale of up to 311,007 of the common shares that have been and may be issued under its 2007, 2010 and 2011 equity incentive plans.</p>
<p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">All non-vested shares are conditional upon the grantee's continued service as an employee of the Company. The grantee does not have the right to vote such non-vested shares until they vest or exercise any right as a shareholder of these shares, however, the issued and non-vested shares pay dividends as declared. For the years ended December 31, 2010, 2011, and 2012 the Company paid dividends on non-vested shares which amounted to $89, $29 and $0, respectively.</p>
<p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The Company estimates that there will be no forfeitures of non-vested shares. The shares which are issued in accordance with the terms of the Company's Equity Incentive Plans remain restricted until they vest.&#160; For the years ended December 31, 2010, 2011 and 2012, stock based compensation cost was $6,511, $1,362 and $1,546 respectively, and is included under "General and administrative expenses" in the accompanying consolidated statement of operations.</p>
<p style="text-align: justify; margin: 6pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">A summary of the status of the Company's non-vested shares as of December 31, 2010, 2011 and 2012, and the movement during the years ended December 31, 2011 and 2012, is presented below.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at January 1, 2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.666</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">230,10</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Granted</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">153.707</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">41,55</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Vested</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-154.291&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">46,05</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at December 31, 2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.082</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">39,90</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at January 1, 2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.082</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">39,90</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Granted</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">49.867</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">35,70</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Vested</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(24.949)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">35,10</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="329">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at December 31, 2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.000</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="119">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">36,75</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 247pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="329" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="64" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 13;">
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 89pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="119" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at January 1, 2012</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.000</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">36,75</p>
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<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">Granted</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13,50</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(100.000)</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">15,67</p>
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<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Unvested as at December 31, 2012</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">18.667</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">36,75</p>
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<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.3in;" class="msonormal">As of December 31, 2012, there was $144 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Equity Incentive Plans. The cost is expected to be recognized over a weighted-average period of 0.98 years. The total fair value of shares vested during the years ended December 31, 2010, 2011 and 2012 was $6,113, $561 and $1,386, respectively.</p><span></span></td>
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                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Preferred, Common Stock and Additional Paid in Capital<br></strong></div>
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        <td class="text"><p style="margin: 3pt 0in 0pt; mso-pagination: none; tab-stops: .25in; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">8.&#160;&#160;&#160; Preferred, Common Stock and Additional Paid in Capital:</b></p>
<p style="margin: 3pt 0in 0pt; mso-pagination: none; tab-stops: .25in; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">&#160;</b></p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b>Preferred Stock: </b>Star Bulk is authorized to issue up to 25,000,000 shares of preferred stock, $0.01 par value with such designations, as voting, and other rights and preferences, as determined by the Board of Directors. As of December 31, 2011 and 2012 the Company had not issued any preferred stock.</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b>Common Stock: </b>Until 2009, Star Bulk was authorized to issue 100,000,000 registered common shares, par value $0.01. On November 23, 2009 at the Company's annual meeting of shareholders, the Company's shareholders voted to approve an amendment to the Amended and Restated Articles of Incorporation increasing the number of common shares that the Company was authorized to issue from 100,000,000 registered common shares, par value $0.01 per share, to 300,000,000 registered common shares, par value $0.01 per share.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Each outstanding share of the Company's common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by the Company's board of directors out of funds legally available for dividends. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of the Company's securities. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which the Company may issue in the future.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On July 22, 2011, the Company offered 16,700,000 common shares in an underwritten public offering at a public offering price of $1.80 per share less underwriters' discount. All of the shares in the offering were sold by the Company. The Company used the net proceeds of this offering to fund a portion of the aggregate purchase price of Star Big and Star Mega and for working capital purposes.</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b>15-for-1 reverse stock split</b>: Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company&#8217;s 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company&#8217;s common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company&#8217;s common stock received a cash payment in lieu of such fractional share.</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b>Share re-purchase Plan: </b>On February 23, 2010, the Company's Board of Directors adopted a stock repurchase plan for up to $30,000 to be used for repurchasing the Company's common shares until December 31, 2011. All repurchased shares will be cancelled and removed from the Company's share capital.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On August 10, 2011, the Company's Board of Directors decided to reinstate the share repurchase plan with the limitation of acquiring up to a maximum amount of $3,000 worth of Company&#8217;s shares, at a maximum price of $1.30 per share. On November 9, 2011 the Company's Board of Directors extended the duration of the share repurchase plan until December 31, 2012.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">During the year ended December 31, 2012 the Company repurchased and cancelled 61,730 treasury shares, which were repurchased in the open market for an aggregate purchase price of $0.9 million, pursuant to the terms of Company&#8217;s existing share repurchase plan and has $2.1 million of remaining capacity under the plan.</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; tab-stops: 500.1pt; mso-layout-grid-align: none;" class="msonormal">During the years ended December 31, 2010 and 2011, there were no shares repurchased.</p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -Chapter 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph d<br><br> -Article 4<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 23: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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</div>
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                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount per share assigned to the consideration received for shares issued.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 215<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472370&amp;loc=d3e38297-110927<br><br><br><br></p>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
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                    <td>num:perShareItemType</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Fair Value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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<p style="line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The fair value of the time charters acquired at below/above fair market charter rates on the acquisition of the vessels is summarized below. These amounts are amortized on a straight-line basis to the end of each charter period.</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2010</b></p>
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</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2011</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amortization 2012</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 75.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Balance December 31, 2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Fair Value of below market acquired time charter</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Epsilon</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.375</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.375</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Theta</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.397</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.397</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Alpha</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">46.966</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">46.966</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Delta</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13.815</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13.815</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Cosmo</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.856</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.044</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.812</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.360</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">452</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">452</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>91.409</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>89.597</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>1.812</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>1.360</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>452</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>452</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="77" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="353" colspan="5" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Fair value of above market acquired time charter</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="97" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="80" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="83" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="92" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="85" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Kappa</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.980</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.980</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Ypsilon</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.417</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">14.417</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Big</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">13.733</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.180</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">12.553</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.224</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">9.329</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Star Mega</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">9.332</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.186</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">8.146</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.145</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.001</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="83">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 11pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 58pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="77">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>39.462</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>16.397</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 73pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="97">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 60pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="80">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2.366</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 62pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="83">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>20.699</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 69pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="92">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>6.369</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: windowtext 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="85">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>14.330</b></p>
</td>
</tr>
</table>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">During 2011, the Company acquired two second-hand Capesize vessels, Star Big and Star Mega (Note 5), with existing time charter contracts. Upon their delivery the Company evaluated the attached charter contracts by comparing the charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels were delivered and recognized an asset of $23,065, $13,733 related to Star Big and $9,332 related to Star Mega. This amount is amortized on a straight-line basis to revenues through the end of the charter period. For the years ended December 31, 2010, 2011 and 2012 the amortization of fair value of above- market acquired time charters amounted to $0, $2,366 and $6,369, respectively, and is included under "Voyage revenues" in the accompanying consolidated statements of operations. For the years ended December 31, 2010, 2011 and 2012 the amortization of fair value of below-market acquired time charters amounted to $1,360, $452 and $0 , respectively, and is included under "Voyage revenues" in the accompanying consolidated statements of operations.</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The estimated aggregate amortization expense of the above market acquired time charters until the end of their useful lives is analyzed as follows:</p>
<p style="text-align: justify; line-height: 115%; margin: 12pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"></p>
<div>&#160;</div>
<table style="margin: auto auto auto 4.45pt; width: 267px; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 5.4pt 0in 5.4pt;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="height: 15pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Years</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amount</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2013</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">6.352</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2014</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.080</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2015</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">2.898</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 124pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="165">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Total</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 48pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="64">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>14.330</b></p>
</td>
</tr>
</table>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal">&#160;</p>
<p style="margin: 0in 0in 0pt 21.3pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 500.1pt;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The carrying amount of the above market acquired time charters amounting to $14,330 as of December 31, 2012 will be amortized over a weighted-average period of 2.4 years.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;"><i>Gain/loss on time charter agreement termination</i></b></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;"><i>&#160;</i></b></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;"><i>For the year ended December 31, 2011</i></b><b style="mso-bidi-font-weight: normal;"></b></p>
<p style="text-align: justify; line-height: 115%; margin: 4.8pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; mso-para-margin-top: .4gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: .3in;" class="msonormal">The vessel Star Cosmo was on time charter at a gross daily charter rate of $35.615 per day for the period from February 10, 2009 until May 1, 2011, and was redelivered earlier to the Company on February 17, 2011. The Company has recognized a gain on time charter agreement termination amounting to $273, which related to the write-off of the unamortized fair value of below market acquired time charter on vessel redelivery date. In addition, the Company recognized a gain amounting to $324 which represented the deferred revenue from the terminated time charter contract.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The vessel Star Omicron was on time charter at a gross daily charter rate of $43.0 per day for the period from April 22, 2008 until February 22, 2011, and was redelivered earlier to the Company on January 17, 2011. The Company recognized a gain amounting to $1,210 which represented the cash consideration received from its charterers relating to the early termination of this charter party.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The vessel Star Sigma was on time charter at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. The Company has recognized a gain amounting to $203 which represented the deferred revenue from the terminated time charter contract.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;"><i>For the year ended December 31, 2012</i></b><b style="mso-bidi-font-weight: normal;"></b></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The vessel Star Sigma was time chartered to Pacific Bulk Shipping Ltd. at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. On January 4, 2012, the Company signed an agreement with the charterer in order to receive an amount of $5,734 in cash, as compensation for the early redelivery of the respective vessel. The total amount was received in January 2012. In addition to the cash payment, Pacific Bulk supplied the Company with 1,027 metric tons of fuel, valued at $720. <a name="_dv_m86"></a></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">All amounts presented above are included under "Gain on time charter agreement termination" in the accompanying consolidated statements of operations for years ended December 31, 2011 and 2012.</p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the asset or liability arising from the market value of the time charter assumed from a vessel acquisition or redelivery upon a time charter agreement termination and the gain/loss arising from time charter agreement termination.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Long-term Debt<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract', window );"><strong>Long-term Debt [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">Long-term Debt</a></td>
        <td class="text"><p style="text-align: justify; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Long-term Debt</b></p>
<p style="text-align: justify; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">&#160;</b></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal"><b style="mso-bidi-font-weight: normal;">a)&#160;&#160;&#160;&#160;&#160; Commerzbank $120,000 facility</b></p>
<p style="text-align: justify; line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On December 27, 2007, the Company entered into a loan agreement with Commerzbank AG in the amount of up to $120,000 in order to partially finance the acquisition cost of the second hand vessels, Star Gamma, Star Delta, Star Epsilon, Star Zeta, and Star Theta, which also provide the security for this loan agreement. Under the terms of this loan facility, the repayment of $120,000 is over a nine year term and divided into two tranches. The first of up to $50,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $2,250 each, (ii) the next thirteen installments amount to $1,000 each (iii) the remaining eleven installments amount to $1,300 each and a final balloon payment of $13,700 is payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments which commenced in January 2010: (i) the first four installments amount to $4,000 each (ii) the remaining twenty-four installments amount to $1,750 each and a final balloon payment of $12,000 is payable together with the last installment. The loan bears interest at LIBOR plus a margin at a minimum of 0.8% per annum "p.a." to a maximum of 1.25% p.a. depending on whether the aggregate drawdown ranges from 60% up to 75% of the aggregate market value of the 'initial fleet'.</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, and (iii) an aggregate market value of the vessels mortgaged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On June 10, 2009, the Company entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111%. As further security for this facility, the Company shall provide a first preferred mortgage on the vessel Star Alpha and shall pledge an amount of $6,000 to the lenders. Furthermore, the interest spread was increased to 2.00% p.a. for the duration of the waiver period. Subsequent to the waiver period, if the asset cover percentage is less than 60%, between 60% to 70%, between 70% to 75% and more than 75%, the interest spread should be 0.8%, 0.9%, 1.0% and 1.25% respectively. In addition, during the waiver period, payments of dividend, share repurchases, and investments are subject to the prior written consent of the lenders.</p>
<p style="text-align: justify; margin: 3pt 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On December 24, 2009, the Company entered into a second supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011 the security cover shall be at least 111% and 118%, respectively whether at all times thereafter 135%. Furthermore, the bank consented to: i) the sale of Star Alpha, ii) the payment of dividends not exceeding $0.05 per share in each quarter iii) the reduction of minimum liquidity from $1,000 to $650 per fleet vessel, iv) the increase of the pledged deposit by $1,250 from $6,000 to $7,250. The interest spread was also maintained to 2.00% p.a. for the duration of the waiver period. Based on the same agreement after the waiver period on January 31, 2011, the minimum liquidity was increased from $650 to $1,000 per fleet vessel and the pledged deposit of $7,250 was released.</p>
<p style="text-align: justify; margin: 6pt 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">As of December 31, 2011 and 2012, the Company had outstanding borrowings of $84,000 and $71,386 respectively, under this loan agreement.</p>
<div>&#160;</div>
<p style="text-align: justify; margin: 6pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal"><b style="mso-bidi-font-weight: normal;">b)&#160;&#160;&#160;&#160;&#160; Commerzbank $26,000 facility</b></p>
<p style="text-align: justify; line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt;" class="msonormal">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On September 3, 2010 the Company entered into a loan agreement with Commerzbank AG in the amount of up to $26,000 in order to partially finance the acquisition cost of the second hand vessel, Star Aurora, which is also provided as security for this loan agreement.. The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, which commenced in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment. The loan bears interest at LIBOR plus a margin of 2.6% p.a.</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater, (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein, (iii) an actual pledged amount of $650 for this vessel that will increase to $1,000 when cash pledged due to waiver dated December 24, 2009 shall be released, and&#160;(iv) an aggregate market value of the vessel mortgaged as security under this loan agreement not less than 135% of the then outstanding borrowings at all times.</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">As of December 31, 2011 and 2012, the Company had outstanding borrowings of $21,250 and $17,064 respectively, under this loan agreement.</p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Restructuring Agreement -</i></b><b style="mso-bidi-font-weight: normal;"> Commerzbank $120,000 and $26,000 facilities </b></font></p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">On December 17, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amend the terms included in both loan agreements of $120,000 and $26,000 with Commerzbank AG (see a and b), as described below:</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;To defer 60% and 50% of the installments for the years ending December 31, 2013 and 2014, respectively, (the &#8220;Deferred Amounts&#8221;); the Deferred Amounts will be added to the balloon payments, payable upon the expiration of the loan agreements in the fourth quarter of 2016 or in accordance with a cash sweep mechanism (see discussion below);</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The on-charter covenant for the vessel Star Aurora on the $26,000 loan agreement&#160;to be waived until July 31, 2015;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount,&#160;to be&#160;reduced from 135%, to 80%, from September 30, 2012 up to the year ending December 31, 2013, to 85% for the six month period ending June 30, 2014, to 90% for the six month period ending December 31, 2014 and to 110% for the six month period ending June 30, 2015. Thereafter and until the repayment of the loan the asset cover ratio will be set to its initial level of 135%;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Minimum liquidity requirement&#160;to be reduced to $500 for each of the Company&#8217;s vessels from $1,000, until December 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The actual pledged amount on the $26,000 loan agreement, to be reduced to $750 from $1,000;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Margin to be increased to 3.00% p.a., for both facilities for as long as deferred amounts are outstanding and/or until original terms are complied with;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The Company to pay a flat fee of 0.40% of the combined outstanding loan amount of the two facilities to the lender;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; The market value adjusted equity ratio to be reduced to 15% from 25%, from September 30, 2012 up to the year ending December 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Additional financial covenant requirement to be added, ratio of EBITDA (as will be defined in the definitive documentation) to interest of not less than 1.5:1.0 for the years ending December 31, 2013 and 2014.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">These amendments will apply, subject to several conditions, as described below:</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; A semi-annual cash sweep mechanism to be implemented on all mortgaged vessels on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as repayment of the Deferred Amounts;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; Star Bulk Carriers Corp. shall not pay any dividends following the agreement with the Bank as long as Deferred Amounts are outstanding and/or until original terms are complied with;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;A prepayment of $2.0 million, payable by December 31, 2012, to be applied pro rata against the balloon payments of the two facilities;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;An equity increase of $30.0 million&#160;to be&#160;effected until and including December 31, 2013;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0.1in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 56.7pt;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Increase the Company&#8217;s vessel management services to cover at least 10 third-party vessels by December 31, 2013.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;">c)&#160;&#160;&#160;&#160;&#160;&#160; Credit Agricole Corporate and Investment Bank $70,000 facility</b></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On January 20, 2011, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank for a term loan up to $70,000 to partially finance the construction cost of Company's two Newbuildings, Star Borealis and Star Polaris<i>, </i>which were delivered in 2011. The shipbuilding contracts and refund guarantees were assigned to the lender as security for this loan agreement and the vessels, upon their delivery, were mortgaged as security for this loan agreement. The total amount that was drawn down totaled to $67,275. Under the terms of this term loan facility, the repayment is over a seven year period and commenced three months after the delivery of each vessel. The loan is repayable in twenty eight consecutive quarterly installments, per vessel, amounting to $485.4 and $499.7, respectively and a final balloon payment which is payable together with the last installment of $19,558.2 and $20,134 for Star Borealis and Star Polaris, respectively. The loan bears interest at LIBOR plus a margin of 2.7% p.a.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">This loan agreement with Credit Agricole Corporate and Investment Bank contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $500 per fleet vessel, whichever is greater, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.7:1, effective from October 15, 2011, and (iii) an actual pledged amount of $500 per mortgaged vessel and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration such approved charter.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">On December 14, 2012, the Company agreed to enter into a loan supplemental agreement and agreed, to amended terms with Cr&#233;dit Agricole Corporate and Investment Bank, as described below:</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The ratio of the total indebtedness of the borrower less liquid funds over the market value of all vessels owned to be increased to 0.95:1.0 from 0.7:1.0 until March 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; Minimum asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount will be amended to 105% from 120% until the March 31, 2014. Thereafter and until the repayment of the loan the asset cover ratio will return to its initial level;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; Minimum liquidity will be decreased to $7,000 or $500 per fleet vessel, whichever is higher, from $10,000;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l2 level1 lfo2;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014 and as long as the financial covenants included in the original agreement dated January 20, 2011 are not met. During this period, all surplus earnings of the financed vessels under the specific loan agreement, after operating expenses and debt service will be held in lender&#8217;s account and not to be distributed to the Company.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#160;</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">As of December 31, 2011 and December 31, 2012, the Company had outstanding borrowings of $66,790 and $62,849 respectively, under this loan agreement.</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;">d)&#160;&#160;&#160;&#160;&#160; ABN AMRO Bank $31,000 facility</b></font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -28.15pt; margin: 0.1in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 42.55pt; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.55pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On July 21, 2011, the Company entered into a senior secured credit facility with ABN AMRO Bank for $31,000, which was drawn down in full to partially finance the acquisition of Star Big and Star Mega, which were mortgaged to provide the security for this senior secured credit facility. Under this senior secured credit facility, the wholly-owned subsidiaries that own these two vessels are the borrowers and the Company is the corporate guarantor. This senior secured credit facility is repayable in 18 consecutive quarterly installments which commenced three months after the initial borrowings, in October 2011. The first 14 installments amount to $1,400 each, the remaining four installments amount to $625 each and a final balloon payment of $8,900 is payable together with the last installment. This senior secured credit facility bears interest at LIBOR plus a margin of 2.9%.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">This senior secured credit facility contains financial covenants and other customary covenants, including requirements to maintain: (i) the leverage ratio shall not be greater than 70%, (ii) a ratio of EBITDA&#160;to interest expense, no less than 3.0:1.0, (iii) minimum liquidity of $10,000 or $750 for each of the Company's vessels, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100,000 and (v) a maintenance reserve account up to $1,500 which can only be used for the payment of the dry-docking of vessel Star Mega. The total amount included in the maintenance reserve account was released in September 2012 in order to cover part of the respective vessel&#8217;s dry-docking cost. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Big and Star Mega of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the time charter of Star Mega and 150% thereafter. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of the Company's outstanding common shares.</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">On March 16, 2012, the Company entered into a supplemental agreement with ABN AMRO Bank(the Company was committed to this agreement as of January 26, 2012). Under the terms of this agreement for the period from January 26, 2012 until January 31, 2013 the &#8220;Waiver Period&#8221;, the minimum security cover ratio was reduced to 100%, the leverage ratio increased to 75% and the margin increased to 3.4% p.a. from 2.9% p.a.</font></p>
<p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
<p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">On January 29, 2013, the Company entered into a waiver agreement with ABN Amro Bank N.V. Under the terms of this agreement for the period from October 1, 2012 until December 31, 2014 the &#8220;New Waiver Period&#8221;, it is agreed to amended terms as described below:</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The minimum market adjusted net worth of the group to be decreased to $30,000 from $100,000;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The minimum liquidity of $750 per fleet vessel to be reduced to $500 per fleet vessel;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Ratio of EBITDA to interest expense to be decreased to 1.5:1.0 from 3.0:1.0;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Total leverage ratio of the corporate guarantor to be increased to 110% from 75%;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Minimum security cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 75% from 100%.</font></p>
<p style="text-align: justify; margin: 6pt 0in 6pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">These amendments will apply, subject to several conditions, as described below:</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l3 level1 lfo4;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Margin increase of 50bp if the Company fails to raise equity in an amount of $30.0 million until March 31, 2013;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l3 level1 lfo4;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;Star Bulk Carriers Corp. shall not pay any dividends during the New Waiver Period.</font></p>
<p style="text-align: justify; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">As of December 31, 2011 and, 2012, the Company had outstanding borrowings of $29,600 and $24,000 respectively, under this loan agreement.</font></p>
<p style="text-align: justify; line-height: 115%; margin: 6pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">&#160;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.55pt; margin: 3pt 0in 0pt 0.5in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 45.0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;">e)&#160;&#160;&#160;&#160;&#160; HSH Nordbank AG $64,500 facility</b></font></p>
<p style="text-align: justify; text-indent: -0.3in; margin: 3pt 0in 0pt 0.5in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: -247.5pt 45.0pt;" class="msonormal"><font style="font-family: times new roman,times;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On October 3, 2011 the Company entered into a new $64,500 secured term loan agreement with HSH Nordbank AG. Under this facility, Company&#8217;s wholly-owned subsidiaries that own Star Cosmo, Star Kappa, Star Sigma, Star Omicron and Star Ypsilon are the borrowers and Star Bulk Carriers Corp. is the corporate guarantor. The borrowing under this new loan agreement together with $5,326 in cash used to repay in full the Company&#8217;s indebtedness under its old loan agreements with Piraeus Bank S.A; a term loan of $150,000 dated April 14, 2008 and of a term loan of $35,000 dated July 1, 2008, in 2011. The senior secured term loan facility consisted of two tranches. The first tranche amounted to $48,500 the (&#8220;Supramax Tranche&#8221;) and is repayable in 20 quartely consecutive installments of $1,250 each, which commenced in January 2012, and a final balloon payment of $23,500. The second tranche amounted to $16,000 the (&#8220;Capesize Tranche&#8221;) and is repayable in 12 consecutive installments of $1,333 each, which commenced in January 2012. The Supramax Tranche bears interest at LIBOR or cost of funds, whichever is greater plus a margin of 2.75% and the Capesize Tranche bears interest at LIBOR or cost of funds whichever is greater, plus a margin of 3.00%.</font></p>
<p style="text-align: justify; margin: 0in 0in 0pt 0.5in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">This loan agreement contains financial covenants including requirements to maintain (i) the ratio of indebtedness of the borrower over the aggregate fair market value of the assets shall not be greater than 75% until December 31, 2013 and 70% thereafter; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) an actual pledged amount of $2,000 or $400 for each mortgaged vessel under this credit facility, whichever is greater; (v) a minimum liquidity of $10,000; (vi) an actual pledged amount of $6,504 representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date; and (vii) an aggregate market value of the vessels mortgaged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Capesize Tranche and (b) 167% of the then outstanding borrowings thereafter.</font></p>
<p style="text-align: justify; margin: 0.1in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.5pt;" class="msonormal"><font style="font-family: times new roman,times;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Restructuring Agreement</i></b></font></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">On December 21, 2012, the Company agreed to enter into a loan supplemental agreement and agreed to amended terms with HSH Nordbank AG, as described below:</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;To defer of a minimum of approximately $3.5 million during the period from January 1, 2013 until December 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;To prepay in total $6.6 million of which $3.5 million will be applied against the balloon payment of Supramax Tranche and $3.1 million will be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013, using pledged cash already held by the bank. This pledged amount will cease being a requirement for this facility following the prepayment;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The actual pledged amount to be reduced to $200 from $400 for each mortgaged vessel under this credit facility. The released amount of $800 to be used as a partial prepayment of the Supramax Tranche (50% to be applied against the balloon payment of the Supramax Tranche and the remaining 50% to be applied pro-rata against the eight quarterly repayment installments of the Supramax Tranche starting with the scheduled repayment date in January 2013).</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The minimum liquidity of $10,000 to be reduced to $7,000 or $500 per fleet vessel until and including December 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The ratio of indebtedness of the borrowers over the aggregate fair market value of assets to be increased to 90% from 75% until and including December 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;The minimum market adjusted net worth of the Company to be decreased to $30,000 from $100,000 until and including December 31, 2014;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; The asset cover ratio, which is the ratio of the aggregate market value of the vessels mortgaged as security under this loan agreement to the outstanding loan amount, to be amended to 100% from September 30, 2012 until and including December 31, 2012 and to 110% from January 1, 2013 until and including December 31, 2013. Thereafter and until the repayment of the loan, the asset cover ratio to return to 125%;</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; The margin&#160;to be increased to 3.50% for both Supramax and Capesize Tranches from 3.00% and 2.75% for the Capesize and the Supramax Tranche, respectively, from January 1, 2013 until December 31, 2014 (in the case that an event of default and/or covenant breach, has occurred, the increased margin will apply until the breach is remedied);</font></p>
<p style="text-align: justify; line-height: 115%; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; The waiver of the aggregated market value covenant, which required the vessels mortgaged under this loan agreement to maintain a value of 167% of the outstanding borrowings, upon the repayment of the Capesize Tranche, until and including December 31, 2013.</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"><font style="font-family: times new roman,times;">These amendments will apply, subject to several conditions, as described below:</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 3pt 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspfirst"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; A semi-annual cash sweep mechanism will be effected from June 30, 2013 and will be implemented on all vessels mortgaged under this loan agreement on an individual vessel basis. Under this mechanism all earnings of these vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as applied to the balloon payment of the Supramax Tranche.</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;In the event of the sale of the vessel Star Sigma during the calendar years 2013 and 2014, proceeds from such sale will be used to fully repay the Capesize Tranche, while the remaining amount will be applied pro-rata against the remaining quarterly repayment installments of the Supramax Tranche until December 31, 2014;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; Star Bulk Carriers Corp. and the ship-owning subsidiaries shall not pay any dividends following the agreement with the Bank until December 31, 2014, or later in case of a covenant breach;</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxspmiddle"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; An equity increase of a minimum of $20.0 million within the year ending December 31, 2013 and starting to apply from October 1, 2013, the proceeds of which are to be used solely for investment on new vessels&#8217; acquisition(s);</font></p>
<p style="text-align: justify; text-indent: -14.15pt; margin: 0in 0in 0pt 56.7pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-list: l1 level1 lfo3; mso-line-height-alt: 1.0pt;" class="msolistparagraphcxsplast"><font style="font-family: times new roman,times;">&#183;&#160;&#160;&#160;&#160;&#160;&#160; Payment of a one-time processing fee of $12.</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"><font style="font-family: times new roman,times;">As of December 31, 2011 and, 2012, the Company had outstanding borrowings of $64,500 and $48,815 respectively, under this loan agreement.</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"><font style="font-family: times new roman,times;">As of December 31, 2012 the Company was in compliance with the restructured loan covenants.</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"><font style="font-family: times new roman,times;">The weighted average interest rate related to the Company's existing debt (including the margin) as of December 31, 2010, 2011 and 2012 was 2.73%, 3.25% and 2.92% respectively.</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal"><font style="font-family: times new roman,times;">The principal payments required to be made after December 31, 2012 for all outstanding debt are as follows:</font></p>
<p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Years</b></p>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>Amount</b></p>
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<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2013</p>
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<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.766</p>
</td>
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<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2014</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">23.300</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2015</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">28.215</p>
</td>
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<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2016</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">96.745</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2017</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.941</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">December 31, 2018 and thereafter</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-indent: 11pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">43.147</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="233">
<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>Total</b></p>
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<p style="text-indent: 11.05pt; margin: 0in 0in 0pt; mso-char-indent-count: 1.0;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
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<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 50pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="67">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>224.114</b></p>
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<p style="text-align: justify; margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">&#160;</p>
<p style="text-align: justify; margin: 4pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">Interest expense for the years ended December 31, 2010, 2011 and 2012 amounting to $5,317, $4,698 and $7,167, respectively, amortization of deferred finance fees amounting to $329, $329 and $502, respectively, and other finance fees amounting to $270, $200 and $169, respectively, are included under "Interest and finance costs" in the accompanying consolidated statements of operations.</p>
<p style="margin: 4pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">The unamortized balance of the deferred financing fees relating to Piraeus Bank S.A. loan facilities, which were fully repaid in 2011, amounting to $307, were written off and included under "Loss on debt extinguishment<b>" </b>in the accompanying consolidated statement of operations for the year ended December 31, 2011.</p>
<p style="margin: 3pt 0in 0pt 21.25pt; mso-pagination: none; mso-layout-grid-align: none; mso-line-height-alt: 1.0pt;" class="msonormal">All vessels are first-priority mortgaged as collateral to the Company's loan facilities.</p><span></span></td>
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                <p>The entire disclosure for long-term debt.</p>
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                <p>The entire disclosure for other operational gain.</p>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComponentOfOtherIncomeNonoperatingLineItems', window );"><strong>Other Operational Gain [Line Items]</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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          <div class="a">Sale of 45% interest in future commercial claims proceeds</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComponentOfOtherIncomeNonoperatingLineItems', window );"><strong>Other Operational Gain [Line Items]</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 4<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHJAC">
      <tr>
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          <div style="width: 200px;"><strong>Losses per Share (Table) (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <th class="th">
          <div>Dec. 31, 2010</div>
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        <td class="num">$ (69,559)<span></span></td>
        <td class="num">$ (5,131)<span></span></td>
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        <td class="nump">4,736,485<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKMAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Preferred, Common Stock and Additional Paid-in Capital - Share Re-purchase Plan (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">22 Months Ended</th>
        <th class="th" colspan="1">29 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Reinstatement Of Share Repurchase Plan</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Treasury Stock</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Treasury Stock</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Treasury Stock</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfEquityAbstract', window );"><strong>Share Re-purchase plan</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramAuthorizedAmount', window );">Share repurchase plan - authorized amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 30,000<span></span></td>
        <td class="nump">$ 3,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_StockRepurchaseProgramMaximumSharePrice', window );">Share repurchase program - maximum share price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1.3<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Share repurchase plan - shares repurchased and cancelled</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">61,730<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Repurchase of common shares</a></td>
        <td class="nump">900<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount', window );">Share repurchase plan - remaining authorized amount</a></td>
        <td class="nump">$ 2,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum purchase price per share which has been authorized under the share repurchase plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td><nobr>us-gaap_PaymentsForRepurchaseOfEquityAbstract</nobr></td>
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                    <td>xbrli:stringItemType</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased and retired during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</nobr></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount authorized by an entity's Board of Directors under a stock repurchase plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The remaining repurchase amount authorized by an entity's Board of Directors under a stock repurchase plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Losses per Share (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Losses per Share [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
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</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Loss:</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Net loss</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(5.131)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(69.559)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(314.521)</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 30pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">Weighted average common shares outstanding, basic and diluted</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.099.277&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">4.736.485&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 30pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.393.131&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 212.3pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="283">
<p style="text-indent: 110.45pt; margin: 0in 0in 0pt; mso-char-indent-count: 10.0;" class="msonormal"><b>Loss per share, basic and diluted </b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 87.6pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="117">
<p style="text-indent: 110.45pt; margin: 0in 0in 0pt; mso-char-indent-count: 10.0;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>(1,25)</b><b></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>(14,69)</b><b></b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.15pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="15">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="16">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 64.5pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="86">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>(58,32)</b><b></b></p>
</td>
</tr>
</table><span></span></td>
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    <div style="display: none;">
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                <p>Tabular disclosure of an entity's basic and diluted earnings per share calculations.</p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EB3BI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Vessels and Other Fixed Assets, Net (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="4">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">52 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">36 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Star Beta</div>
        </th>
        <th class="th">
          <div>Jan. 18, 2010

</div>
          <div>Star Beta</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Big</div>
        </th>
        <th class="th">
          <div>Nov. 30, 2015

</div>
          <div>Star Big</div>
        </th>
        <th class="th">
          <div>Jul. 25, 2011

</div>
          <div>Star Big</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Mega</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2014

</div>
          <div>Star Mega</div>
        </th>
        <th class="th">
          <div>Aug. 16, 2011

</div>
          <div>Star Mega</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Borealis</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Borealis and Star Polaris</div>
        </th>
        <th class="th">
          <div>Sep. 09, 2011

</div>
          <div>Star Borealis and Star Polaris</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Mar. 09, 2012

</div>
          <div>Star Ypsilon</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Star Polaris</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessels [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsDateOfTransactionForAcquisitionsOrDisposals', window );">Delivery date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jul.
        07,
         2010<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jul. 25,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Aug. 16,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep.
        09,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Mar.
        09,
         2012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Nov. 14,
         2011<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FuelQuantity', window );">Metric tons of fuel oil</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">667<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Contracted sale price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 22,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 9,126<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselAcquisitionContractPrice', window );">Aggregate acquisition price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">27,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">23,700<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">106,880<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Vessel impairment loss</a></td>
        <td class="nump">303,219<span></span></td>
        <td class="nump">62,020<span></span></td>
        <td class="nump">34,947<span></span></td>
        <td class="nump">34,947<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,754<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_GrossDailyCharterRate', window );">Gross daily charter rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">25<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DryDockingCostCapitalized', window );">Dry-docking expenses capitalized</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,780<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_OtherVesselAcquisitionCosts', window );">Other expenses capitalized</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">41<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">160<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AddressCommissionPercentage', window );">Address commission</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_BrokerageCommissionPercentage', window );">Brokerage commission</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselNet', window );">Carrying amount of vessel</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">11,152<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on sale of vessel</a></td>
        <td class="nump">3,190<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,190<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestCostsCapitalized', window );">Capitalized interest</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,901<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_AddressCommissionPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Commission payable by the shipowner to the charterer, expressed as a percentage of the freight or hire.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_AddressCommissionPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_BrokerageCommissionPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The commission charged by brokers, as a percentage of the agreed price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_BrokerageCommissionPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_DryDockingCostCapitalized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The dry-docking expense incurred before the acquisition date and capitalized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_DryDockingCostCapitalized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_FuelQuantity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The quantity of oil fuel that was delivered with the delivery of the vessel, in metric tons.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_FuelQuantity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_GrossDailyCharterRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross daily charter rate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_GrossDailyCharterRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_OtherVesselAcquisitionCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The capitalized costs incurred before the acquisition and capitalized related to vessels purchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_OtherVesselAcquisitionCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselAcquisitionContractPrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The vessel shipbuilding or purchase price in aggregate, as stated in the contract.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselAcquisitionContractPrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of the vessel.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2420-110228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetImpairmentCharges</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfPropertyPlantEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestCostsCapitalized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of interest capitalized during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Allowance for Funds Used during Construction<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6504829<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestCostsCapitalized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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                <p>The value of all consideration given or received by the Entity in the significant acquisition or disposal.</p>
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                <p>Date of acquisition or disposal, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
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          <div>Dec. 31, 2012</div>
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        <td class="text"><p style="text-indent: -0.3in; margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b style="mso-bidi-font-weight: normal;">14.&#160;&#160;&#160; Income Taxes:</b></p>
<p style="line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Taxation on Marshall Islands Registered Companies</b></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Under the laws of the countries of the shipowning companies' incorporation and/or vessels' registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes, which have been included under "Vessel operating expenses" in the accompanying statements of operations.</p>
<p style="line-height: 115%; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Taxation on US Source Income &#8211; Shipping Income</b></p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The Company believes that it and its subsidiaries are exempt from U.S. federal income tax at 4% on U.S. source shipping income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and the Company's stock is primarily and regularly traded on an established securities market in the United States, as defined by the Internal Revenue Code (IRC) of the United States.&#160; Under IRS regulations, a Company's stock will be considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; (ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year. Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company&#8217;s stock will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company&#8217;s outstanding stock, (&#8220;5 Percent Override Rule&#8221;).</p><span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Subsequent Events<br></strong></div>
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          <div>Dec. 31, 2012</div>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
<p style="margin: 0in 0in 0pt;" class="msonormal">On March 14, 2013, the Company entered into an agreement with a third party in order to sell the vessel Star Sigma, for a contracted price of $9,041 less commission of 5%. As of the date of this report, the vessel has not been delivered yet. The carrying amount of the vessel as of December 31, 2012 was $8,640.</p><span></span></td>
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                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6CAC">
      <tr>
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        <td class="nump">$ 3,867<span></span></td>
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                <p>Carrying amount as of the balance sheet date of bunker's inventory.</p>
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                <p>No definition available.</p>
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                <p>Carrying amount as of the balance sheet date of lubricants' inventory.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_LubricantsInventoryCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAZAI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Basis of Presentation and General Information (Table) (Details)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Aurora</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">171,199<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Big</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">168,404<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1996<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Borealis</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">179,678<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2011<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Mega</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">170,631<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1994<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Polaris</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">179,546<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2011<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Sigma</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">184,403<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1991<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Cosmo</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,247<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2005<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Delta (ex F Duckling)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,434<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Epsilon (ex G Duckling)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,402<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2001<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Gamma (ex C Duckling)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">53,098<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2002<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Kappa (ex E Duckling)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,055<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2001<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Omicron</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">53,489<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2005<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Theta (ex J Duckling)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,425<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2003<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Zeta (ex I Duckling)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">52,994<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">2003<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Alpha (ex A Duckling) - Disposed</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">175,075<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1992<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Beta (ex B Duckling) - Disposed</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">174,691<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1993<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Ypsilon - Disposed</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Vessel</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselCapacity', window );">DWT</a></td>
        <td class="nump">150,940<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselYearBuilt', window );">Year Built</a></td>
        <td class="text">1991<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselCapacity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The vessel's capacity in deadweight tonnage.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselCapacity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselYearBuilt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The year that the vessel was built.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselYearBuilt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentLineItems</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKMAI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Statements of Stockholders Equity (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Common Stock</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital</div>
        </th>
        <th class="th">
          <div>Retained Earnings/ (Accumulated deficit)</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">BALANCE, value at Dec. 31, 2009</a></td>
        <td class="nump">$ 499,257<span></span></td>
        <td class="nump">$ 40<span></span></td>
        <td class="nump">$ 483,853<span></span></td>
        <td class="nump">$ 15,364<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">BALANCE, shares at Dec. 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,073,650<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss for the year</a></td>
        <td class="num">(5,131)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,131)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, value (Note 12)</a></td>
        <td class="nump">6,511<span></span></td>
        <td class="nump">2<span></span></td>
        <td class="nump">6,509<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, shares (Note 12)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">153,707<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared and paid ($3.0 per share in 2010, $3.0 per share in 2011 and $0.675 per share in 2012)</a></td>
        <td class="num">(12,385)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(12,385)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase and cancellation of common shares, value (Note 8)</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">BALANCE, value at Dec. 31, 2010</a></td>
        <td class="nump">488,252<span></span></td>
        <td class="nump">42<span></span></td>
        <td class="nump">490,362<span></span></td>
        <td class="num">(2,152)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">BALANCE, shares at Dec. 31, 2010</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,227,357<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss for the year</a></td>
        <td class="num">(69,559)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(69,559)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock, value</a></td>
        <td class="nump">28,549<span></span></td>
        <td class="nump">11<span></span></td>
        <td class="nump">28,538<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common stock, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,113,334<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, value (Note 12)</a></td>
        <td class="nump">1,362<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="nump">1,361<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, shares (Note 12)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,533<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared and paid ($3.0 per share in 2010, $3.0 per share in 2011 and $0.675 per share in 2012)</a></td>
        <td class="num">(14,391)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(14,391)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase and cancellation of common shares, value (Note 8)</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">BALANCE, value at Dec. 31, 2011</a></td>
        <td class="nump">434,213<span></span></td>
        <td class="nump">54<span></span></td>
        <td class="nump">520,261<span></span></td>
        <td class="num">(86,102)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">BALANCE, shares at Dec. 31, 2011</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,357,224<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss for the year</a></td>
        <td class="num">(314,521)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(314,521)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, value (Note 12)</a></td>
        <td class="nump">1,546<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="nump">1,545<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Issuance of vested and non-vested shares and amortization of stock-based compensation, shares (Note 12)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">105,316<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared and paid ($3.0 per share in 2010, $3.0 per share in 2011 and $0.675 per share in 2012)</a></td>
        <td class="num">(3,631)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,631)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase and cancellation of common shares, value (Note 8)</a></td>
        <td class="num">(861)<span></span></td>
        <td class="num">(1)<span></span></td>
        <td class="num">(860)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Repurchase and cancellation of common shares, shares (Note 8)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(61,730)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">BALANCE, value at Dec. 31, 2012</a></td>
        <td class="nump">$ 116,746<span></span></td>
        <td class="nump">$ 54<span></span></td>
        <td class="nump">$ 520,946<span></span></td>
        <td class="num">$ (404,254)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">BALANCE, shares at Dec. 31, 2012</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,400,810<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total value of vested and non-vested shares issued during the period and the total amount of stock based compensation amortized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_IssuanceOfVestedAndNonVestedSharesAmortizationStockBasedCompensationValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">147</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Total Assets</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>-</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>147</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Liabilities</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Interchart Shipping Inc. (a)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">260</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">100</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Management and Directors Fees (b)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">141</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">121</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 9;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Combine Marine Inc. (c)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">27</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 10;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Oceanbulk Maritime S.A. (e)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">8</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Maiden Voyage LLC (f)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">41</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>Total Liabilities</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>436</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>262</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 13;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 14;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="351" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="96" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" valign="bottom" width="87" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Statements of Operations</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 265pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="353" colspan="7">
<p align="center" style="text-align: center; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: black 1pt solid; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2010</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 17;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Commission on sale of vessel-Oceanbulk (e)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">660</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">91</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 18;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Voyage expenses-Interchart (a)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.540</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.237</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.134</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 19;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Executive directors consultancy fees (b)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">874</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.505</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">453</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 20;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Non-executive directors compensation (b)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">206</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">151</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">124</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 21;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Office rent &#8211; Combine Marine Inc (c)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">48</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-&#160;</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 22;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Office rent - Combine Marine Ltd. (d)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">40</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 23;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Office setup expenses - Oceanbulk (e)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">148</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 24;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Management fee income - Maiden Voyage LLC (f)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 65pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="87" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">128</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 25; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 263pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="351">
<p style="margin: 0in 0in 0pt;" class="msonormal">Management fee income - OOCAPE1 Holdings LLC (g)</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19" nowrap="nowrap">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1in; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="96" nowrap="nowrap">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
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<p style="text-align: justify; text-indent: -21.25pt; margin: 0.1in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none; mso-add-space: auto; mso-para-margin-top: .6gd; mso-para-margin-right: 0in; mso-para-margin-bottom: .0001pt; mso-para-margin-left: 42.55pt; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"><b style="mso-bidi-font-weight: normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Interchart Shipping Inc. or Interchart: </b>Interchart, a company that was affiliated to Oceanbulk Maritime S.A. (see (e) below), acts as a chartering broker of all the Company's vessels. As of December 31, 2011 and 2012, the Company had an outstanding liability of $260 and $100, respectively, to Interchart. During the years ended December 31, 2010, 2011 and 2012, the brokerage commission on charter revenue charged by Interchart amounted to $1,540, $1,237 and $1,134, respectively and is included in "Voyage expenses" in the accompanying consolidated statements of operations.</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 3pt 0in 0pt 0.6in; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">(b)&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Management and Directors Fees: </b>On October 3, 2007, Star Bulk entered into separate consulting agreements with companies owned and controlled by the Company's former Chief Executive Officer and the former Chief Financial Officer, for the services provided by the former Chief Executive Officer and the former Chief Financial Officer, respectively. Each of these agreements had a term of three years unless terminated earlier in accordance with the terms of such agreements. During 2010 these agreements were automatically renewed for the successive year. Under the consulting agreements, each company controlled by the former Chief Executive Officer and the former Chief Financial Officer received an annual consulting fee of &#8364;370,000 (approx. $488) and &#8364;250,000 (approx. $330) respectively. During the year ended December 31, 2010, the consultancy fees under the specific consulting agreements amounted to $874. For the year ended December 31, 2011 the consulting fees amounting to $337 represent the respective expense up to the date of the termination of the consulting agreements as disclosed below.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On February 7, 2011, Mr. Spyros Capralos was appointed as the Company's President and Chief Executive Officer, to succeed Mr. Akis Tsirigakis who resigned from those positions on that date, and&#160;resigned from the Company's board of directors on March 31, 2012. Pursuant to the terms of his employment and consultancy agreements, the former Chief Executive Officer was awarded a severance payment that amounted to $2,347.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Executive Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Executive Officer a base fee at an annual rate of not less &#8364;160,000 (approx. $211), additionally, the Chief Executive Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion and a minimum guaranteed incentive award of 28,000 shares of stock. These shares vest in three equal installments, the first installment of 9,333 shares vested on February 7, 2012, the second installment of 9,333 shares vests on February 7, 2013 and the last installment of 9,333 shares vests on February 7, 2014.&#160;On April 20, 2012 the Company issued the first installment of 9,333 shares and plans to issue the remaining two installments of 9,333 shares to Mr. Spyros Capralos in April 2013 and February 2014. During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the Company&#8217;s Chief Executive Officer amounted to $0, $225 and $230, respectively.</p>
<p style="text-align: justify; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Financial Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Financial Officer a base fee at an annual rate of not less &#8364;56,000 (approx. $74). During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the new Chief Financial Officer amounted to $0, $52 and $72, respectively.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Additionally, the current Chief Financial Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On May 12, 2011, the Company entered into a release agreement with a company owned by the former Chief Financial Officer. Pursuant to the terms of this agreement, Mr. Syllantavos resigned as the Company's Chief Financial Officer and from the Company's board of directors on August 31, 2011 and received a severance payment amounted to $463.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Additionally, pursuant to the agreement, the Companyissued an aggregate of 21,867 common shares to the former Chief Financial Officer. The respective stock based compensation was fully amortized at the date of his resignation on August 31, 2011. The fair value of each share was $34.5 which is equal to the market value of the Company's common stock on the grant date (Note 12).</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under this agreement the Company will pay the new Chief Operating Officer a base fee at an annual rate of not less &#8364;117,519 (approx. $155). During the years ended December 31, 2010, 2011 and 2012 the consultancy fees under the specific consulting agreement with the new Chief Operating Officer amounted to $0, $81 and $151, respectively.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The related expenses for the Company's executive officers for the years ended December 31, 2010, 2011 and 2012 were $874, $3,505 and $453, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">As of December 31, 2011 and 2012, Star Bulk had an outstanding payable balance of $141 and $121, respectively with its Management and Directors, representing unpaid fees for their participation in the Board of Directors of the Company and the other special committees of the board of directors. The related expenses for the years ended December 31, 2010, 2011 and 2012 were $206, $151 and $124, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</p>
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<p style="text-align: justify; line-height: 115%; text-indent: -24.65pt; margin: 6pt 0in 0pt 42.5pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Combine Marine Inc. or ("Combine"): </b>On July 4, 2011, Starbulk S.A., entered into a 12-year lease agreement for office space with Combine, a company that was controlled by one of the Company&#8217;s directors, Mrs. Milena &#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company&#8217;s Chairman Mr. Petros Pappas. The lease agreement provided for a monthly rent payment of &#8364;5,000 (approx. $6.6). On January 1, 2012 this agreement was mutually terminated without the Company paying any compensation. The related expense for the rent for the year ended December 31, 2011 was $48 and is included under &#8220;General and administrative expenses&#8221; in the accompanying consolidated statements of operations. As of December 31, 2011, the Company had an outstanding liability of $27 to Combine.</p>
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<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.5pt; mso-add-space: auto; mso-list: l0 level1 lfo1;" class="msolistparagraphcxspfirst"><b style="mso-bidi-font-weight: normal;">(d)&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Combine Marine Ltd., or Combine Ltd.: </b>On January 1, 2012 Starbulk S.A, entered into a one year lease agreement for office space with Combine Ltd., a company controlled by one of the Company&#8217;s directors, Mrs. Milena &#8211; Maria Pappas and by Mr. Alexandros Pappas, children of the Company&#8217;s Chairman Mr. Petros Pappas. The lease agreement provides for a monthly rental of &#8364;2,500 (approximately $3.3).On January 1, 2013, the agreement was silently renewed and unless terminated by either partry, it will expire in eleven years.&#160;The related expense for the rent for the year ended December 31, 2012 was $40 and is included under &#8220;General and administrative expenses&#8221; in the accompanying consolidated statements ofoperations. As of December 31, 2012, the Company had no outstanding payable balance with Combine Marine Ltd.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.5pt; mso-add-space: auto;" class="msolistparagraphcxspmiddle">&#160;</p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">(e)&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Oceanbulk Maritime, S.A., or Oceanbulk:</b> Oceanbulk Maritime S.A, is a ship management company and is controlled by one of the Company&#8217;s directors Mrs. Milena-Maria Pappas.The Company paid to Oceanbulk a brokerage commission amounting to $660 regarding the sale of vessel Star Beta during the year ended December 31, 2010 (Note 5).</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">As of December 31, 2011, the Company had an outstanding liability to Oceanbulk Maritime S.A. of $8 incidental to office set up expenses for new offices that Oceanbulk Maritime S.A. paid on behalf of the Company. The related expenses amounting to $148 for the year ended December 31, 2011 are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">During the year ended December 31, 2012 the Company paid to Oceanbulk a brokerage commission amounting to $91 regarding the sale of vessel Star Ypsilon (Note 5). As of December 31, 2012 the Company had no outstanding liability with Oceanbulk.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.55pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p>
<p style="text-align: justify; line-height: 115%; text-indent: -21.25pt; margin: 0in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b><b>Maiden Voyage LLC: </b>Maiden Voyage LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of the Company&#8217;s directors, Mrs. Milena &#8211; Maria Pappas. On September 27, 2012, Star Bulk S.A. entered into an agreement with Maiden Voyage LLC, a Marshall Islands company, for the commercial and technical management of the vessel Maiden Voyage, a 2012 built Supramax dry bulk carrier. Pursuant to the terms of this management agreement, Star Bulk S.A. receives a fixed management fee of $0.75 per day beginning on September 28, 2012 and until the agreement&#8217;s termination by either party giving to the other notice in writing. In this event the agreement shall terminate upon the expiration of a period of two months from the date of notice was given. This vessel is managed under the same strategy as the other vessels in the Company&#8217;s fleet. The related income for the year ended December 31, 2012, including reimbursement of predelivey expenses incurred by the Company, was $128 and is included under &#8220;Management fee income&#8221; in the accompanyingconsolidated statements of operations. As of December 31, 2012 the Company had an outstanding payable balance of $41 with Maiden Voyage LLC.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt 42.5pt; mso-pagination: none; mso-layout-grid-align: none;" class="msolistparagraph">&#160;</p>
<p style="text-align: justify; text-indent: -0.3in; margin: 0in 0in 0pt 0.6in; mso-pagination: none; mso-layout-grid-align: none; tab-stops: 42.55pt; mso-list: l0 level1 lfo1;" class="msolistparagraph"><b style="mso-bidi-font-weight: normal;">(g)&#160;&#160;&#160;&#160;&#160;&#160; </b><b style="mso-bidi-font-weight: normal;">OOCAPE1 Holdings LLC:</b> OOCAPE1 Holdings LLC is owned and controlled by Oceanbulk Carriers LLC, a company minority owned by one of the Company&#8217;s directors Mrs. Milena &#8211; Maria Pappas. On October 18, 2012, Star Bulk S.A. entered into an agreement with OOCAPE1 Holdings LLC, a Marshall Islands company, for the commercial and technical management of the vessel Obelix, a 2011 built Capesize dry bulk carrier. Pursuant to the terms of this management agreement, Star Bulk S.A receives a fixed management fee of $0.75 per day beginning on October 19, 2012 and until the agreement&#8217;s termination by either party giving to the other notice in writing. In this event the agreement shall terminate upon the expiration of a period of two months from the date of notice was given. This vessel is managed under the same strategy as the other vessels in the Company&#8217;s fleet. The related income for the year ended December 31, 2012, including reimbursement of predelivey expenses incurred by the Company, was $76 and is included under &#8220;Management fee income&#8221; in the accompanying consolidated statements of operations. As of December 31, 2012 the Company had an outstanding receivable balance of $147 with OOCAPE1 Holdings LLC.</p>
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          <div style="width: 200px;"><strong>Long-term Debt - Amendment Terms (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1">24 Months Ended</th>
        <th class="th" colspan="1">0 Months Ended</th>
        <th class="th" colspan="1">24 Months Ended</th>
        <th class="th" colspan="2">0 Months Ended</th>
        <th class="th" colspan="2">24 Months Ended</th>
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          <div>Dec. 31, 2013</div>
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</div>
          <div>Commerzbank AG Aggregate Facility</div>
        </th>
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          <div>Dec. 31, 2014

</div>
          <div>Commerzbank AG Aggregate Facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Commerzbank AG Aggregate Facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014

</div>
          <div>Commerzbank AG Aggregate Facility</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>HSH Nordbank AG</div>
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        <th class="th">
          <div>Dec. 31, 2014

</div>
          <div>HSH Nordbank AG</div>
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          <div>Dec. 31, 2012

</div>
          <div>HSH Nordbank AG Supramax Tranche - Balloon payment</div>
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          <div>Dec. 31, 2012

</div>
          <div>HSH Nordbank AG Supramax Tranche - Installments</div>
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          <div>Dec. 31, 2014

</div>
          <div>HSH Nordbank AG - Capesize tranche</div>
        </th>
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          <div>Dec. 31, 2014

</div>
          <div>HSH Nordbank AG - Supramax tranche</div>
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          <div>Dec. 31, 2012

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          <div>HSH Nordbank AG - Supramax tranche</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_LoanInstallmentDeferred', window );">Deferred installment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">50% of the installments<span></span></td>
        <td class="text">60% of the installments<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">minimum of aproximately $3.5 millions<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate', window );">Loan margin before the amendment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2.75%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment', window );">Loan margin under the amendment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3.50%<span></span></td>
        <td class="nump">3.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_PrepaymentOnLoan', window );">Loan prepayment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 2,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 6,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3,500<span></span></td>
        <td class="nump">$ 3,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtRestructuringCosts', window );">Processing fee</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DebtRestructuringCostPercentage', window );">Processing fee percentage on outstanding loan amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.40%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_EquityRaisingUndertaking', window );">Equity Raising Undertaking</a></td>
        <td class="nump">$ 30,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage points added to the reference rate to compute the variable rate on the debt instrument under the amendment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_DebtInstrumentBasisSpreadOnVariableRateUnderAmendment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost incurred in the modification of term of existing debt agreement in order for the entity to achieve some advantage, as a percentage of the (combined) outstanding loan amount.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_DebtRestructuringCostPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_EquityRaisingUndertaking">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The new equity amount undertaken to be raised by the Company under the loan amendment by the date specified.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_EquityRaisingUndertaking</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_LoanInstallmentDeferred">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount/percentage of installement that will  be deferred under the amendment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_LoanInstallmentDeferred</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_PrepaymentOnLoan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The prepayment on loan, funded from restricted cash.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_PrepaymentOnLoan</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage points added to the reference rate to compute the variable rate on the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentBasisSpreadOnVariableRate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDebtRestructuringCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for cost incurred in the modification of term of existing debt agreement in order for the entity to achieve some advantage.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDebtRestructuringCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EELAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Subsequent Events (Details) (Star Sigma [Member], USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 14, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Star Sigma [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subequent Events [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Contracted price</a></td>
        <td class="nump">$ 9,041<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselSaleCommissionPercentage', window );">Sale commission</a></td>
        <td class="nump">5.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselNet', window );">Carrying amount of vessel</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 8,640<span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of the vessel.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselNet</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sblk_VesselSaleCommissionPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage on the sale price charged as commission for the vessel sale, consisting of address and brokerage commission.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_VesselSaleCommissionPercentage</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The value of all consideration given or received by the Entity in the significant acquisition or disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventLineItems</nobr></td>
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                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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                    <td>duration</td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EUYAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Equity Incentive Plan - Company's Equity Incentive Plans (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Sep. 20, 2011</div>
        </th>
        <th class="th">
          <div>Feb. 23, 2010

</div>
          <div>Equity Incentive Plan 2010</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011

</div>
          <div>Equity Incentive Plan 2011</div>
        </th>
        <th class="th">
          <div>Feb. 08, 2007

</div>
          <div>Equity Incentive Plan 2007</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Equity Incentive Plan [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Total shares authorized</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,000,000<span></span></td>
        <td class="nump">2,000,000<span></span></td>
        <td class="nump">2,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends paid to nonvested shares</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 29<span></span></td>
        <td class="nump">$ 89<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share based compensation</a></td>
        <td class="nump">1,546<span></span></td>
        <td class="nump">1,362<span></span></td>
        <td class="nump">6,511<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Total unrecognized compensation cost</a></td>
        <td class="nump">144<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Expected period of recognition of unrecognized compensation cost</a></td>
        <td class="text">0 years 11 months 24 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue', window );">Total fair value of shares vested during the period</a></td>
        <td class="nump">$ 1,386<span></span></td>
        <td class="nump">$ 561<span></span></td>
        <td class="nump">$ 6,113<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale', window );">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Registered For Resale</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">311,007<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments that has registered on Form s-8 for a possible resale during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>sblk_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsRegisteredForResale</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>sblk_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of preferred stock cash dividends declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStockCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph h<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
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                <p>The total fair value of equity-based awards for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph c(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHOAE">
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          <div style="width: 200px;"><strong>Significant Accounting policies (Policy)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of consolidation</a></td>
        <td class="text"><p style="text-align: justify; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd;" class="msonormal"><b><i>Principles of consolidation:</i></b> The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated in consolidation.Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification ("ASC) 810 "Consolidation", (formely Accounting Research Bulletin ("ARB") No.51) a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, and the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.</p>
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal">Variable interest entities ("VIE") are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2011 and 2012, no such interestexisted.</p>
<p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of estimates</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt;" class="msonormal"><b><i>Use of estimates: </i></b>The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive income/ (loss):</a></td>
        <td class="text"><p style="text-align: justify; margin: 0in 0in 0pt;" class="msonormal"><b><i>Comprehensive income/ (loss): </i></b>&#160;In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 &#8220;Comprehensive Income&#8221;, and presents items of net income, items of other comprehensive income (&#8220;OCI&#8221;) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income. The Company has no such transactions which affect comprehensive loss and, accordingly, comprehensive loss equals net loss for all periods presented.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration of credit risk</a></td>
        <td class="text"><p style="text-align: justify; margin: 3pt 0in 0pt; mso-pagination: none; tab-stops: 500.1pt; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;"><b><i>Concentration of credit risk: </i></b>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade accounts receivable and derivative contracts (bunker derivatives and freight derivatives). The Company's policy is to place cash, cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy and are exposed to minimal interest rates and credit risks. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, a) in over-the-counter transactions, the Company limits its exposure by diversifying among counter parties with high credit ratings, and b) all of the Company's freight derivatives are cleared through London Clearing House (LCH).</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign currency transactions</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;"><b><i>Foreign currency transactions:</i></b> The functional currency of the Company is the U.S. Dollar since the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions.&#160;On the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and cash equivalents</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Cash and cash equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Restricted cash</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Restricted cash:</i></b> With restricted cash, it is required that minimum cash deposits or cash collateral deposits are maintained with certain banks under the Company's borrowing arrangements. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesPolicyTextBlock', window );">Trade accounts receivable, net</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Trade accounts receivable, net: </i></b>The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Inventories:</i></b> Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. Cost is determined by the first in, first out method.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Vessels, net</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Vessels, net: </i></b>Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Subsequent expenditure when it does not extend the useful life of the vessel is charged to expense as incurred.</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal">The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value (vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).&#160; Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_AdvancesForVesselsUnderConstructionPolicyTextBlock', window );">Advances for vessels under construction</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Advances for vessels under construction:</i></b> Advances made to shipyards during construction periods are classified as "Advances for vessels under construction" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels and other fixed assets, net". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_FairValueOfAboveBelowMarketAcquiredTimeCharterPolicyTextBlock', window );">Fair value of above/below market acquired time charter</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd;" class="msonormal"><b><i>Fair value of above/below market acquired time charter:</i></b><b> </b>&#160;The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. The value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered.&#160; Such intangible assets or liabilities are recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock', window );">Impairment of long-lived assets</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt;" class="msonormal"><b><i>Impairment of long-lived assets:</i></b> The Company follows guidance related to Impairment or Disposal of Long-lived Assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><font style="font-family: times new roman,times;">On&#160;December 31, 2011 and September 30, 2012, the Company performed impairment tests of the Company's vessels due to the global economic downturn and the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for the Company's vessels to determine if the assets were impaired. In developing its estimates of future undiscounted cash flows, the Company makes assumptions and estimates about vessels' future performance, with the significant assumptions relating to charter rates, ship operating expenses, vessels' residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, and use historical trends as future expectations. The projected net operating cash flows were determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage commission expected outflows for scheduled vessels' maintenance (dry-docking and special surveys) and vessels' operating expenses. Estimates of revenue are based on the current FFA rates for as long as they are available, and historical average rates of similar size vessels for the period thereafter. As a result of this analysis, we determined that the carrying amount of Star Sigma and Star Ypsilon was not recoverable as of December 31, 2011, and an impairment loss of $62.0 million was recognized. This analysis, for each of our vessels as of September 30, 2012, indicated that the carrying amount of the entire supramax fleet and Star Sigma was not recoverable and after comparing the vessel's fair values to their carrying values, an impairment loss amounting to $303.2 million was recognized (see Note 5 and 18).</font></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_VesselsHeldForSalePolicyTextBlock', window );">Vessels held for sale</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Vessels held for sale: </i></b>It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies a vessel as being held for sale when all of the following criteria are met: management has committed to a plan to sell this vessel; the vessel is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under "Vessel impairment loss" in accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtPolicyTextBlock', window );">Financing costs</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 0.1in 0in 0pt; mso-para-margin-top: .6gd;" class="msonormal"><b><i>Financing costs:</i></b> Fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or for refinancing existing loans, are recorded as deferred charges. Deferred charges are expensed as interest and finance costs using the effective interest rate method over the duration of the respective loan facility. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding <i>Debt Extinguishment</i>. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to <i>Changes in Line-of-Credit or Revolving-Debt Arrangements.</i></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_PensionAndRetirementBenefitObligationsCrewPolicyTextBlock', window );">Pension and retirement benefit obligations - crew</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal"><b><i>Pension and retirement benefit obligations&#8212;crew:</i></b><b> </b>The ship-owning subsidiaries included in the consolidated financial statements employ the crew on board under short-term contracts (usually up to eight months) and, accordingly, are not liable for any pension or post-retirement benefits.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_PensionAndRetirementBenefitObligationsAdministrativePersonnelPolicyTextBlock', window );">Pension and retirement benefit obligations - administrative personnel</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Pension and retirement benefit obligations&#8212;administrative personnel: </i></b>Administrative employees are covered by state-sponsored pension funds. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund.&#160; The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations. Upon retirement, the state-sponsored pension funds are responsible for paying the employees' retirement benefits without recourse to the Company.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock incentive plan awards</a></td>
        <td class="text"><p style="text-align: justify; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Stock incentive plan awards:&#160; </i></b>Share-based compensation represents vested and non-vested shares granted to employees and to directors for their services, and is included in "General and administrative expenses" in the consolidated statements of operations. These shares are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. Guidance related to Stock Compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the ''accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the ''straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.&#160; The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_DryDockingCostsPolicyTextBlock', window );">Dry-docking and special survey expenses</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Dry-docking and special survey expenses:&#160; </i></b>Dry-docking and special survey expenses are expensed when incurred.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sblk_RevenueAndExpenseRecognitionPolicy', window );">Accounting for revenue and related expenses</a></td>
        <td class="text"><p style="text-align: justify; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Accounting for revenue and related expenses:</i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"> </i></b>The Company generates its revenues from charterers for the charterhire of its vessels under two types of charters; under time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, and under voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. Under time charters, voyage costs, such as fuel and port charges, are borne and paid by the charterer. The Company's time charters agreements are classified as operating leases. Revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee, and a collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to Leases.</p>
<p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. &#160;Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured. Deferred revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining (if any) as long term liability.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Furthermore, payments in advance for services are recorded as prepaid expenses.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage. In addition, voyage expenses include expenses related to the charter -in of vessels owned by third parties, whenever this is required. Such expenses are recognized on a pro-rata basis over the duration of the voyage.</p>
<p style="text-align: justify; line-height: 115%; margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">Brokerage commissions are paid by the Company. Brokerage commissions are recognized over the related charter period and included in voyage expenses. Voyage expenses and vessel operating expenses are expensed as incurred.</p><span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value of Financial Instruments</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Fair value measurements:</i></b> The Company follows the provisions ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; which defines, and provides guidance as to the measurement of, fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18).</p><span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings/ (loss) per common share</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Earnings/ (loss) per common share</i></b><b>:</b> Earnings or loss per share are computed in accordance with guidance related to Earnings per Share. Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution assuming common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and, assuming the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost thereof, were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 11).</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment reporting</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Segment reporting:</i></b> The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Operating Officer who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent accounting pronouncements</a></td>
        <td class="text"><p style="text-align: justify; line-height: 115%; margin: 3pt 0in 0pt;" class="msonormal"><b><i>Recent accounting pronouncements:</i></b> There are no recent accounting pronouncements the adoption of which would have a material effect on the Company&#8217;s consolidated financial statements in the current period.</p><span></span></td>
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    </table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for advances for vessels under construction.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for dry docking costs.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for above and below market acquired time charters. This accounting policy also might address: (1) the amortization method used; (2) the useful lives; and (3) how the entity assesses and measures the fair values of such assets/liabilities.</p>
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                <p>No definition available.</p>
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                <p>Disclosure of accounting policy for administrative personnel pension plans of the Company.</p>
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                <p>No definition available.</p>
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                <p>Disclosure of accounting policy for crew pension plans of the Company.</p>
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                <p>No definition available.</p>
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                <p>Disclosure of accounting policy regarding recognition of  revenue  and related expenses.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for vessels held for sale.</p>
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                <p>No definition available.</p>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 203<br><br> -Paragraph 02-03<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 8, 9, 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Technical Practice Aid (TPA)<br><br> -Number 2110<br><br> -Paragraph 6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 305<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122427<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 305<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122427<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.1(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph a<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 203<br><br> -Paragraph 02-03<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for credit risk.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480020&amp;loc=d3e61044-112788<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number SOP94-6-1<br><br> -Paragraph 7, 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875567&amp;loc=d3e14537-108613<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 825<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6487554&amp;loc=d3e32600-158583<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875567&amp;loc=d3e14489-108613<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph m<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13537-108611<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13531-108611<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480020&amp;loc=d3e61082-112788<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 20<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197087<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 20<br><br> -Subparagraph a(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 2-6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196966<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 860<br><br> -SubTopic 40<br><br> -Section 45<br><br> -URI http://asc.fasb.org/section&amp;trid=2197723<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 5, 6, 16-19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 4<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph k<br><br> -Article 1<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16385135&amp;loc=d3e33801-111570<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 4<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.3A-02)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959686&amp;loc=d3e355033-122828<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 96-16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02, 03<br><br> -Article 3A<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 97-2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for costs incurred to obtain or issue debt, the effects of refinancings, method of amortizing deferred financing costs and original issue discount, and classifications of debt on the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2208565<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 6, 8-16, 60<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144384<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for determining the fair value of financial instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155942<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 8, 10, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2175892<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 5, 7-20, 80<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2175856<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2175826<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2126999<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 206<br><br> -Paragraph b<br><br> -Subparagraph i, ii<br><br> -Chapter 2<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Paragraph 3, 5-10, 15, 16, 17<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 81-1<br><br> -Paragraph 69-75<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386783&amp;loc=d3e4556-108314<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386783&amp;loc=d3e4492-108314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196772<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3-5<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 114<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 92-5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 20<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196816<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for segment reporting.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br></p>
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                <p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p>
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                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 11, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EZNAE">
      <tr>
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          <div style="width: 200px;"><strong>Commitments and Contingencies - Environmental (Details)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="4">1 Months Ended</th>
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          <div>Dec. 31, 2012

</div>
          <div>USD ($)</div>
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        <th class="th">
          <div>Mar. 31, 2012

</div>
          <div>Star Cosmo

</div>
          <div>USD ($)</div>
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          <div>Mar. 31, 2012

</div>
          <div>Star Cosmo

</div>
          <div>EUR (&#x20AC;)</div>
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          <div>Star Cosmo

</div>
          <div>USD ($)</div>
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          <div>Jul. 31, 2011

</div>
          <div>Star Cosmo

</div>
          <div>EUR (&#x20AC;)</div>
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          <div>Dec. 31, 2012

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          <div>Star Cosmo

</div>
          <div>USD ($)</div>
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          <div>Dec. 31, 2012

</div>
          <div>Star Cosmo

</div>
          <div>EUR (&#x20AC;)</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">&#x20AC; 340<span></span></td>
        <td class="nump">$ 343<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">1,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Commission payable by the shipowner to the charterer.</p>
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                <p>No definition available.</p>
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                <p>Cash collateral for environmental polution.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Cash collateral for environmental polution released after being covered by Protection and Idemnity (P&amp;I) Club insurance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>The maximum amount of Protection and Indemnity (P&amp;I) insurance coverage for pollution, per vessel per incident.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2F">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Trade Accounts Receivable, Net (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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      <tr class="re">
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">Trade accounts receivable</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">7.901</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">5.969</p>
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</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">Allowance for doubtful debts</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">(3.139)</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total Accounts Receivable, Net</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>4.762</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: windowtext 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>5.969</b></p>
</td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfValuationAllowanceForImpairmentOfRecognizedServicingAssetsTextBlock', window );">Schedule of allowance for doubtful debts</a></td>
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<tr style="height: 15.75pt; mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2011</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>2012</b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Balance as at January 1</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">$</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">Bad debt expense</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">3.139</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="108">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 197pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="263">
<p style="margin: 0in 0in 0pt;" class="msonormal">Less: Amount written off during the year</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 78pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="104">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">-</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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                <p>Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.</p>
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                <p>Tabular disclosure of the activity by class in any valuation allowance for impairment of recognized servicing assets - including beginning and ending balances, aggregate additions charged and recoveries credited to operations, and aggregate write-downs charged against allowance.</p>
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<p style="margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
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<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 30.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15pt; padding-top: 0in; border: #ece9d8;" width="103">
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;Vessel Operating and voyage expenses</p>
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<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
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<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal">Loan interest and financing fees</p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.559</p>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: #cceeff; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal">1.395</p>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 199pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="265">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>Total Accrued Liabilities</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p style="margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.870</b></p>
</td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; padding-top: 0in; border: #ece9d8;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>&#160;</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 14pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="19">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>$</b></p>
</td>
<td style="border-bottom: black 2.25pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 5.4pt; width: 77pt; padding-right: 5.4pt; background: white; height: 15.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" width="103">
<p align="right" style="text-align: right; margin: 0in 0in 0pt;" class="msonormal"><b>3.422</b></p>
</td>
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<p style="margin: 3pt 0in 0pt 0.3in; mso-pagination: none; mso-layout-grid-align: none;" class="msonormal">&#160;</p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a),20,24)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 24<br><br> -Article 5<br><br><br><br></p>
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